Ras El Hekma is getting a freezone, tourist port: Cabinet last week approved decisions to set up a freezone, investment zone, and international tourist port in the North Coast’s Ras El Hekma, it said on Wednesday following its weekly meeting.

Remember: The government in February inked a landmark USD 35 bn agreement with Abu Dhabi wealth fund ADQ, giving it the development rights to Ras El Hekma. We received the first tranche of the payment late February and the second tranche is expected to arrive in the nation’s coffers at the beginning of May.

Who is in charge? Cabinet has also greenlit a decision to set up a company dubbed Ras ElHekma for Urban Development, which will be given golden licenses to develop both the freezone and investment zone and will also be setting up the tourist port, according to the statement. Cabinet also approved the formation of a board of directors for the investment zone.

ALSO APPROVED BY CABINET-

  • Funds for Gabal El Asfar water treatment plant: The ministers approved financing from the European Union and the French Development agency for the third phase of the Gabal El Asfar water treatment plant. Phase three will raise the plant’s capacity by 1 mn cubic meters per day to serve 17.5 mn people by 2040.
  • Land for the NREA: Cabinet approved a draft decision allocating three plots of land in the Suez and Red Sea governorates for the New and Renewable Energy Authority (NREA) to set up renewable-energy power plants.
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