06:52 PM Saturday 10 February 2024
Cairo – Masrawy:
The deal related to the establishment of a huge tourism project in the city of Ras El Hekma on the northern coast, and the unconfirmed news that circulated about it, sparked controversy in recent days regarding the extent of the reality of this project, its details, and the return that the state will receive in light of reports that the value of the investments or the land sold has reached approximately 22 billion dollars.
The unconfirmed news about this project was one of the main reasons for the decline in the price of the dollar in the parallel market during the first half of last week, before it compensated for part of its loss in the second half of the week, bringing the net decline to about 10 pounds, after the price reached last… Updated to level 63 pounds.
In the first official comment, CNBC Arabia quoted statements from Hossam Haiba, CEO of the General Investment Authority, last Wednesday, which contained some details about this project, but they were not enough to draw a complete and clear picture about it.
Bloomberg published a report the next day that included some other information about the project, citing sources, to reflect additional features of the project, but they are also not sufficient yet, which seems to continue until the contracts for this project are signed, which is expected to be soon.
In the following lines, Masrawy monitors the most important information announced about the Ras El Hekma project on the northern coast so far, according to the latest developments in recent days:
Statements of the CEO of the Investment Authority
– There is already a project and it is planned to be implemented within the framework of developing the North Coast region.
The project is not surprising and comes within an urban planning framework for the region.
The project comes within the framework of a partnership between the government and private sectors.
– Offers to implement the project were submitted from several alliances of investors from different countries.
The Emirati consortium has been selected and the application of the best management framework for the project is being discussed with them.
The project will be a model to be emulated in other regions, and will be carried out in partnership between the Emirati coalition and the Egyptian government.
It is likely that alliances will occur on the part of the UAE with Egyptian private sector companies during the implementation of the project.
The initial estimate for the project’s investments is $22 billion and may be higher. The amount will not be pumped from the first moment, but rather over the life of implementation.
– The project is currently in the preparation stage for signing contracts after the completion of negotiations.
What sources told Bloomberg
The Emirate of Abu Dhabi represents the Emirati side in the project.
The average price of land on the North Coast ranges between $100 and $120 per square meter when it comes to larger areas. Accordingly, the price of the land on which the project will be built will reach no less than $18 billion, according to these calculations.
2024-02-10 16:52:00
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