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Abou El-Enein Praises Ras Al-Hikma Project

Ras Al-Hikma Project: A New Dawn for Economic Revival and Investment Influx

Sat 24 Feb 2024 | 10:04 PM
Mohamed Abou El-Enein
Mohamed Abou El-Enein
By Ahmad El-Assasy

In a recent statement, Mohamed Abou El-Enein, Deputy Speaker of the Egyptian Parliament, lauded the government's unveiling of the Ras Al-Hikma project, describing it as an unprecedented leap forward that promises to rejuvenate the Egyptian economy and herald a new era of substantial foreign investments in the country.

Abou El-Enein highlighted the Ras Al-Hikma project as Egypt's most significant investment deal in history, signaling a warm Egyptian welcome to Arab and foreign investments. This initiative reflects the concerted efforts of the Egyptian and Emirati leadership, exemplifying a commendable model of Arab relations. It also sends a reassuring message about the lucrative investment climate in Egypt, emphasizing the country's promising investment opportunities and the global financial institutions' potential role.

"The comprehensive urban development prioritized by President El-Sisi marks a first in our nation's history," Abou El-Enein stated. He pointed out that the development plan for Ras Al-Hikma, in partnership with major global entities, positions it as one of the Mediterranean and the world's most distinguished tourism destinations in the coming years.

The development strategy for Ras Al-Hikma represents a novel approach to transforming the North Coast with world-class economic, industrial, hotel, smart city projects, and an expansion of the inhabited area. It is expected to create thousands of job opportunities and attract foreign funding that adds value to Egyptian assets. "This project is just the beginning of attracting such large-scale investments to the Mediterranean and Red Sea regions," Abou El-Enein added.

Abou El-Enein emphasized that these mega-projects would significantly contribute to repaying foreign debts and deposits, enhancing Egypt's tourism revenue in foreign currencies. Previously designated for modest tourism developments, the land for the Ras Al-Hikma project has now been transformed into a financing, marketing, and international expertise hub, offering golden opportunities for local companies and small to medium-sized enterprises to boost production and supply the project, reducing the need for imports.

The Ras Al-Hikma project is not just an investment in Egypt's future but a beacon for international cooperation, economic revitalization, and a testament to the country's open arms to the global investment community. With its strategic vision and promising prospects, Ras Al-Hikma is set to become a cornerstone of Egypt's economic and tourism landscape.