{"id":615813,"date":"2024-02-25T00:00:00","date_gmt":"2024-02-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/adq-acquires-development-rights-to-ras-el-hekma-for-usd-24-bn-will-invest-a-further-usd-11-bn-in-real-estate-and-other-prime-projects\/"},"modified":"2024-02-25T00:00:00","modified_gmt":"2024-02-25T00:00:00","slug":"adq-acquires-development-rights-to-ras-el-hekma-for-usd-24-bn-will-invest-a-further-usd-11-bn-in-real-estate-and-other-prime-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/adq-acquires-development-rights-to-ras-el-hekma-for-usd-24-bn-will-invest-a-further-usd-11-bn-in-real-estate-and-other-prime-projects\/","title":{"rendered":"ADQ acquires development rights to Ras El Hekma for USD 24 bn, will invest a further USD 11 bn in \u201creal estate and other prime projects\u201d"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Madbouly government has inked a USD 35 bn agreement with ADQ<\/strong>, giving the Abu Dhabi wealth fund and longtime investor in Egypt the development rights to Ras El Hekma on the North Coast, according to separate statements from the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02oCLurhYsreyFqookPB7JfWCe9LrV69LWv7Prc6XGAU9JuQE3ESTp5cPhrBTHB8abl\" style=\"\" rel=\"noopener\">cabinet<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/2235.pdf\" style=\"\" rel=\"noopener\">ADQ (pdf)<\/a>. This marks the \u201c<strong>largest direct investment agreement in Egypt<\/strong>,\u201d Prime Minister Moustafa Madbouly said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADQ is paying USD 24 bn for the development rights to Ras El Hekma<\/strong> and will convert some USD 11 bn worth of UAE deposits at the Central Bank of Egypt into money that it will \u201cinvest \u2026 in real estate and other prime projects,\u201d the fund said in its press release. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To put that into perspective: <\/strong>The agreement is worth 3.5x the value of all foreign investment Egypt attracted last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A next-generation city: <\/strong>A 170-mn sqm stretch of prime coastal land will be transformed into a \u201cnext-generation city,\u201d housing tourism, urban, commercial, and recreational spaces, alongside a freezone and an investment zone. The area will also feature a marina for yachts and will have an airport nearby. ADQ will break ground on the project in early 2025 and it is expected to attract 8 mn additional tourists into the country every year when it is up and running. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The city could be a game-changer for the North Coast<\/strong>, extending more than 50km along the sea from Dabaa to Matrouh and transforming it into a year-round residential, tourism, and business hub. When ADQ says it will aim to build something \u201cworld class\u201d \u2014 the adjective it\u2019s using here \u2014 it delivers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADQ \u201caims to unlock the appeal of Ras El-Hekma as a premium international financial <\/strong><strong>and tourism destination<\/strong>, adopting the latest cutting edge digital and technological smart city solutions,\u201d it said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">USD 15 BN WITHIN A WEEK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state\u2019s coffers will see a near-immediate influx of capital: <\/strong><\/p>\n<ul>\n<li><strong>ADQ will make a USD 15 bn payment within a week<\/strong> \u2014 USD 10 bn of which will be fresh inflows and USD 5 bn in the form of a previous UAE deposit at the Central Bank of Egypt. <\/li>\n<li><strong>The remaining USD 20 bn is due within two months<\/strong> \u2014 USD 14 bn in fresh funds and USD 6 bn in existing deposits.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s plenty of upside for the state: <\/strong>The government will net 35% of the revenues from Ras El Hekma when it starts operating. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our own gigaproject: ADQ thinks Ras El Hekma will attract investment worth c. USD 150 <\/strong><strong>bn as it is built out<\/strong>, and it looks like that could be just in phase one. New Urban Communities Authority Vice Chairman Walid Abbas told talk show host Ahmed Moussa that investment is likely to top USD 500 bn over 15 years and three phases. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Phase one will take about 5 years to complete<\/strong>, and NUCA sees Ras El Hekma creating some 8 mn jobs in the first phase alone (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=EVa170KJvys\" style=\"\" rel=\"noopener\">watch, runtime: 40:34<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who will carry out the development? <\/strong>ADQ will set up an Egyptian joint stock company named Ras El Hekma to handle the project\u2019s development.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Baker McKenzie provided counsel for the Egyptian government, while Matouk Bassiouny & Hennawy was the legal advisor to ADQ, according to <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/02\/24\/1768960\" style=\"\" rel=\"noopener\">Al Borsa<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ras El Hekma will be transformed into a \u201cnext-generation city,\u201d housing tourism, urban, commercial, and recreational spaces<\/p>\n","protected":false},"author":1,"featured_media":615814,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[299,838,72,125,7388,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-adq","tag-devaluation","tag-enterpriseam","tag-investment-watch","tag-ras-el-hekma","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"b0b97fcf-95b0-4d39-86ae-0a4989221520","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2316.jpg","photo_position":"above","homepage_title":"ADQ to pour USD 35 bn in Ras El Hekma in largest ever direct investment in Egypt","full_issue_title":"ADQ acquires development rights to Ras El Hekma for USD 24 bn, will invest a further USD 11 bn in \u201creal estate and other prime projects\u201d","related_issue":[615808],"teaser":"Ras El Hekma will be transformed into a \u201cnext-generation city,\u201d housing tourism, urban, commercial, and recreational spaces","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.22c61065-49f0-4128-8630-ae8969a8ec09.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ADQ acquires development rights to Ras El Hekma for USD 24 bn, will invest a further USD 11 bn in \u201creal estate and other prime projects\u201d - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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