📋 Tender Overview
Scope of Work:
To Develop Ras El-Hekma City.
Description:
ADQ will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the largest new city developments by a private consortium. As part of this investment. Ras El-Hekma is a coastal region in Egypt located approximately 350 kilometres northwest of Cairo. The significant investment marks a pivotal step towards establishing Ras El-Hekma as a leading first-of-its-kind Mediterranean holiday destination, financial centre and free zone equipped with world-class infrastructure to strengthen Egypt’s economic and tourism growth potential. The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.
Spanning over 170 million square meters, Ras El-Hekma will be a next-generation city comprising mainly of tourism amenities, a free zone and an investment zone combining, among else, residential, commercial, and recreational spaces with seamless connectivity domestically and internationally. ADQ, leveraging its expansive portfolio and partners, aims to unlock the appeal of Ras El-Hekma as a premium international financial and tourism destination adopting the latest cutting edge digital and technological smart city solutions. ADQ intends to leverage Egyptian and international partners as part of its development and investment plans. Work is expected to commence in early 2025. Ras El-Hekma’s master plan will pioneer innovative solutions that deliver a positive and lasting impact that is designed to attract foreign direct investment, boost trade, support Egypt’s private sector via an in-country localisation program and drive job creation to maximise economic benefits. Ras El-Hekma will be a world-class destination in the Mediterranean with unmatched attractions, including hotels, yacht marinas and entertainment facilities.
The project will be implemented by the New Urban Communities Authority and the Abu Dhabi Development Holding Company, which is owned by the Government of Abu Dhabi. The Abu Dhabi Development Holding Company will establish an Egyptian joint-stock company named Ras El-Hekma in Egypt to implement the mega project, Both parties have agreed to establish and develop an international airport south of the city. CRTKL has completed a strategic master plan for Ras El Hekma, a 200 sq km region along Egypt’s Mediterranean coast.
Master Plant Architects: CallisonRTKL and DSC Egypt
Previous Event: November 2020 - UN-Habitat, in collaboration with the Egyptian Ministry of Housing, Utilities and Urban Communities, recently conceptualized the Ras El-Hekma Waterfront New City.
Other Owner:
New Urban Communities Authority
Horryia St., Gate 2, Sheikh Zayed
Egypt
Tel: +20 2 38519875
Fax :+20 2 38519847
http://www.newcities.gov.eg/
