Ras El Hekma land to be transferred soon: Egypt will finalize the transfer of the land for the Ras El Hekma project to the newly established Ras El Hekma for Urban Development Project Company “in the coming days, ”cabinet spokesman Mohamed El Homsani told Al Arabiya (watch, runtime: 5:46). The announcement shortly follows the second and final tranche from the USD 35 bn agreement landing in state coffers last week.

What’s next? The project is expected to break ground when the company wraps up the necessary studies early next year, El Homsani added.

Remember: Ras El Hekma for Urban Development Project Company will be granted golden licenses to develop a freezone and investment zone and will also be setting up an international tourist port, as per a cabinet decision last month.

A NEW SAUDI PROJECT IN RAS EL HEKMA-

Al Maraseem and Inertia are also lining up a project for Ras El Hekma: The Saudi AlMarasemDevelopment and Inertia Egypt have agreed to set up a 640-feddan integrated tourism project with expected revenues of EGP 55 bn by 2029, Asharq Business reported, citing two unnamed sources it says are familiar with the contract. Al Marasem will be responsible for the development of the project, while Inertia will contribute the land.

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