GAFI - Ras El Hikma City
The General Authority for Investment and Free Zones (GAFI) is undertaking the construction of Ras El Hikma City in North Coast, Egypt.
The city's plan includes utilizing the agricultural reclamation area to create new urban complexes based on tourism, residential, agricultural industrialization and mining activities, in addition to safari tourism activities. The city is scheduled to accommodate 300,000 residents, in addition to attracting 3 million tourists annually focusing on yacht tourism, beach, environmental and desert tourism.
The US$24,000 million project includes the following:
1. Dredging works
2. Beach reclamation works
3. Development of new urban complexes
4. Construction of office spaces
5. Construction of residential units
6. Construction of a tourist hub
7. Construction of a downtown area
8. Construction of an international marina
9. Construction of a special free zone
10. Construction of luxury hotels
11. Construction of parking facilities
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07 October 2024
The client has signed several Memorandums of Understanding with Orascom Construction, El Sewedy Electric, Abu Dhabi Airports and Abu Dhabi energy company TAQA for the implementation of Ras El Hikma City: Preliminary Works.
28 July 2024
JD Holding signed a deal with Fab Group and several private investors to invest in the project. (Source: MEED)
08 May 2024
The Ministry of Finance has allocated the US$3710 million for the implementation of the project.
27 February 2024
ADQ company has been appointed as the developer. (Source: MEED)
12 February 2024
The client is in negotiations with UAE companies for the investment of the project. However, a negotiations are still ongoing and final contract has not sign yet on the project.