Newsaero
11 April 2024
During its meeting on Monday, April 8, 2024, chaired by Prime Minister Mostafa Madbouly, the Egyptian Cabinet approved the allocation of two land plots in the North Coast of Matrouh Governorate for the construction of the Ras al-Hikma International Airport, as reported by Egypt Today. This decision follows the Egyptian government's initiation of the site selection process for the airport on March 6.
The construction of the airport is a key component of the agreement signed in February of this year between Egypt and the Emirati Abu Dhabi Development Holding Company. The agreement outlines plans for a multi-billion-dollar project to develop the state-of-the-art city of Ras El-Hekma on Egypt's North Coast, under the banner "Egypt and UAE, a Partnership for the Development of Ras al-Hikma."
Emirati investments throughout the implementation of this project, the largest of its kind in Egypt's history, are expected to reach a minimum of $150 billion, with $35 billion in foreign direct investments to be injected into the economy within two months - the largest sum of foreign direct investments in the country's history.
[Read more: newsaero.info/aeroport/egypt-approves-land-allocation-for-ras-al-hikma-international-airport?true=7316]
