15 April 2024
Egypt has designated two land plots in Matrouh, northwest of Cairo, for the construction of Ras El-Hekma International Airport. This airport will serve a new metropolis being developed by the UAE's sovereign wealth fund ADQ. This development is part of a USD 35 billion investment agreement with ADQ to establish Egypt's "largest new city" to boost tourism and economic growth. The project spans 170 million m2 and will feature tourism facilities, a financial centre, and a free zone.
The Egyptian government will hold a 35% stake in this venture. Construction of the airport is scheduled to start in early 2025, with the overall development expected to draw over USD 150 billion in investments. #1215.35
