Egypt allocates land for airport at ADQ’s metropolis
The Egyptian government has allocated two plots of land for the development of Ras El-Hekma international airport by UAE sovereign wealth fund ADQ.
The land plots in Matrouh, a governorate in the north-west of Egypt, were handed over to the country’s civil aviation ministry, Ahram Online newspaper reported.
The airport development is part of the agreement signed between Egypt and ADQ in February to invest $35 billion in building the “largest new city” in the country to promote tourism and drive economic growth.Details of the airport were not given.
The new airport will support travel to and from the new metropolis, situated in Egypt’s coastal region, nearly 350 km northwest of Cairo.
The development, spanning over 170 million sq m, will be a tourism destination, financial centre and free zone.
The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.
ADQ intends to use Egyptian and international partners as part of its development and investment plans. Work is expected to commence in early 2025.
The new development is expected to attract over $150 billion in investments in Egypt.
