Abdelkhaleq Ibrahim, Assistant Minister of Housing, announced today that the foundation stone for the “Ras El Hikma” project will be officially laid on October 4, as reported by Arabia Business. The project, led by UAE’s ADQ company, has already begun construction, with the first phase set to cover an area of 10,000 acres. The development is expected to take three years to complete.
Ibrahim highlighted the government’s efforts, under the supervision of the Prime Minister’s office, to develop legal frameworks aimed at increasing the availability of high-quality residential units that meet both local and international market demands. This initiative seeks to bolster Egypt’s status as a global investment destination.
The government is also considering replicating the Ras El Hikma model, with plans to develop clear investment laws for the region and create a successful blueprint for attracting foreign investment into the country.
In a related move, Ibrahim revealed that the New Urban Communities Authority (NUCA) is currently searching for a strategic partner to manage and operate the Central Business District in the New Administrative Capital, located east of Cairo. The goal is to establish a distinct identity for the district, making it a hub for foreign investment in finance and business.
The management of the towers within the district will be overseen by an experienced international partner, a strategy also set to be applied in the towers of Alamein, with the goal of positioning both areas as prestigious global destinations. Ibrahim confirmed that negotiations are ongoing with several partners to ensure the best offers are selected but declined to disclose the number or nationalities of the bids.
He also mentioned that no strategic plan has yet been prepared for the development of the Ras Banas area, located south of Marsa Alam in the Red Sea Governorate.
