Rumors of the UAE buying Red Sea city for $22 billion are baseless: Media sources

Egyptian media outlet sources have debunked reports claiming that Emirati investors had acquired the city of Ras al-Hekma on Egypt’s North Coast for $22 billion.

The sources clarified that there were no current agreements in place with Emirati businessmen to allocate land in the Ras al-Hekma area.

In statements to the Cairo 24 website, the sources pointed out that the Ras al-Hikma area in the North Coast region is still under planning and there are no agreements or contracts concluded with Emirati businessmen at the present time.

The sources explained that the new plan includes making the region a global tourist destination, in line with the national and regional vision of the northwest coast region, reflected in achieving a set of goals and objectives.

These include the establishment of a sustainable eco-tourism city on the Mediterranean Sea able to compete globally, while achieving a sustainable urban settlement in harmony with the nature and characteristics of the site, and provides economic activities appropriate to the local community.

The sources indicated that the beaches of the Ras al-Hikma area extend from the Dabaa area at Kilometer 170 on the North-West Coast Road to Kilometer 220 in Matrouh City, which is 85 km away.

They explained that the new plan for the promising region will be implemented on a total area estimated at approximately 199.7 km.

By 2045, approximately 142.9 km of the total area of the region will be completed, the sources added.

They explained that the state has allocated 5.4 kilometers of the total area of Ras al-Hikma to be a building area of multiple uses and heights, in addition to the construction of about 10,652 housing units in addition to the implementation of 50 tourist hotels.

In addition, the Egyptian government has allocated 7.3 kilometers to create urban communities with diverse activities which can be sold to the private sector.

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