Egyptian Prime Minister Mostafa Madbouly visited Ras El Hekma city in Matrouh Governorate and sent a message of reassurance to the residents of the area that was sold to the UAE..
During his visit to the region and meeting with a number of sheikhs and families who were present upon the arrival of the Egyptian Prime Minister, he stressed that this visit aims to monitor the procedures for delivering the compensation allocated to those entitled to it, in light of the government’s commitment in this regard.
Madbouly said that Ras El Hekma city has distinctive features that make it an attractive point for investments and various projects throughout the year, and therefore the state pays attention to providing the required support for everything related to the necessary infrastructure equipment, and linking it to various regions through road networks and various means of transportation.
During the visit, Madbouly listened to an explanation from Major General Khaled Shoeib, Governor of Matrouh, about the status of the delivery of alternative lands allocated to families eligible for the implementation of alternative housing in the Shams El-Hikma area, where the governor explained that approximately 18 contracts have been prepared so far for those eligible, and the Minister of Housing also explained the status of connecting utilities to these lands, as well as road networks.
The Prime Minister instructed the Governor of Matrouh to present to him the plan for handing over alternative lands on a daily basis, as well as to determine the ownership of each beneficiary who will be compensated, to expedite the progress in this file.
During the tour, the Prime Minister and his companions inspected the area designated for the implementation of the new Ras Al Hikma City project, which is witnessing the implementation of infrastructure works in cooperation with the Emirati partner, and ensuring that the land is being received successively to implement the project.
Last February, Egypt and the UAE signed a real estate investment deal, under which ADQ will acquire the rights to develop the Ras Al-Hikma project for $24 billion, with the aim of developing the area, in addition to transferring $11 billion in deposits that will be used to invest in major projects across the country.
Egypt will receive the funds in installments, represented by obtaining 14 billion in direct liquidity in addition to the remaining part of the deposits, the 6 billion, as Egypt received two installments, in addition to the 11 billion that were deposits that will be transferred in the Central Bank to the Egyptian pound, and the Central Bank will receive them to use the equivalent amount in Egyptian pounds by the company (the project company) in developing the project.
Last updated: August 15, 2024 – 13:16
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2024-08-17 15:23:51