The Real Estate Development Chamber at the Federation of Egyptian Industries has declared that the Ras Al Hekma development deal, a joint venture between Egypt and the UAE, is the most successful investment deal in history. The project will have a positive impact on the Egyptian economy in many ways.
Engineer Tarek Shukri, who is the Undersecretary of the Housing Committee in the House of Representatives, the Head of the Real Estate Development Chamber at the Federation of Egyptian Industries, and the Head of the Real Estate Investment Division at the Federation of Chambers of Commerce, stated that this deal provides several economic benefits. The most notable of these is the injection of $35 billion into the Egyptian economy, which will help address the pressing issue of the high exchange rate between the dollar and the pound. This will ultimately have a positive effect on the daily lives of Egyptian citizens.
Shukri explained that achieving a balance in the exchange rate will lead to a reduction in the prices of goods, which will directly benefit ordinary citizens. The fluctuating and exaggerated exchange rate has caused an increase in the prices of goods, which has made it difficult for citizens to afford basic necessities. A decrease in the value of the dollar against the pound will help to lower these prices.
The Ras Al Hekma project will create over 100,000 jobs in the contracting and construction sectors, which will help improve the unemployment rate in the country. The taxes and insurance revenue generated from this investment will go towards the state treasury, which will be used to complete important projects such as the Decent Life project, educational projects, and health projects.
The investment deal will also boost investor confidence in Egypt as a destination for large-scale projects. This will encourage other investors and countries to invest in similar projects in other parts of the country, such as Sharm El-Sheikh, the North Coast, and the New Administrative Capital. These projects are expected to generate tens of billions of dollars and raise the growth rate, ultimately improving the lives of Egyptian citizens.
The Ras Al Hekma project will feature luxurious tourist attractions, entertainment cities, free zones, industrial areas, residential areas, and commercial projects. The project will attract 8 million tourists, which is more than 50% of the number of tourists that visited Egypt last year, providing a continuous and permanent stream of hard currency for future generations. Egypt’s share of the profits will be 35% throughout the operation of the project.
The project will change Egypt’s international reputation and investment environment significantly. It will position Egypt as an attractive destination for international investors, and will be reflected in the funds and international institutions that will adjust their view of Egypt to a stable and optimistic one, from C to B, and to a higher level in the future.
