Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Ras El Hekma.. for sale or for investment?

Sat 03 Feb 2024 | 04:34 PM
Elham Aboul Fateh
Elham Aboul Fateh
Elham Aboul Fateh

Social media networks circulated a rumor that the government sold Ras El Hekma city in the northern coast. This malicious rumor was circulated a few days ago to abort a successful plan and project that attracts investments in Egypt! I do not know what is the meaning of  being sold... Will the company steal the land and run away?. It is a foreign investment that we want and are required to be undertaken by any major investment company with a well-known business history. There is an urban development plan for Egypt 2052 to develop the North Coast region, the most capable of absorbing  the Population increase, creating economic activities and job opportunities for thousands of young people. The plan aims to create a number of new smart cities of the fourth generation that can attract millions of residents, to work in tourism, entertainment services, technological industries, and commercial and administrative centers of international companies while providing distinguished educational and health services. These cities include El Alamein, Ras El Hekma, El Negela, and Gargoub, in addition to the development of cities such as Marsa Matrouh and Salloum.

From a small village to an investment city, one of the most modern coastal cities in the world. This is the plan that includes the city of Ras El Hekma in Marsa Matrouh. This step aims to pump investments in foreign currency to reduce the inflation rate and control the price of the dollar, which has risen insanely in the parallel market.

Injecting new investments is one of the important solutions to bring the inflation rate down to 7 or 8%, which is the acceptable rate in any country, in addition to the procedures of the Central Bank and the rationalization of government spending, but the most important step is private and foreign investments.

The city of Ras El Hekma, with its distinguished location on the Mediterranean coast, is one of the best investment sites. 

We saw the outcomes of this plan in the city of New Alamein, which has become one of the international cities that operates throughout the year and attracts several types of tourism, including educational tourism with its universities and also attracts international tourism with its warm weather in the winter and its impressive planning.

Ras Al-Hikma is the second city to be developed in partnership with international entities that have great experience and financing capacity to place the city on the global tourism map within 5 years, as one of the most prestigious tourist destinations. I believe that these ideas are the first step on the path to the correct treatment of the Egyptian economy, and I hope that we will see many more ideas and projects that we desperately need to improve our economy, which has received many blows due to successive crises, like the Corona crisis, the Ukraine war, and then Gaza war, which the whole world was affected by. Egypt is able to overcome the crisis.