Tuesday May 21st, 2024
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Egyptian Cabinet Allocates Land to Develop New Ras El Hekma Airport

The new airport will provide an international link to the new north coast development, 200 KM west of Alexandria.

Cairo Scene

Egyptian Cabinet Allocates Land to Develop New Ras El Hekma Airport

Egypt’s cabinet has allocated two plots of land to the Ministry of Civil Aviation, with the intention to build a new international airport in the Marsa Matrouh governorate, purpose-built to provide a direct link to the planned Ras El Hekma development on the country’s north coast. The construction of the new airport is part of the same deal between the Egyptian government and the UAE’s sovereign wealth fund, Abu Dhabi Development Holding Company (ADQ), amounting to some $35 billion in direct foreign investment.

The ADQ is set to develop the airport, with a share of revenues paid to the Egyptian government, as per the multi-billion-dollar agreement. Though details on the development still remain sparse, the 170 million square metres of total area transferred under the deal will be home to residential and commercial districts, international hotels and resorts, a free economic zone, and a new international airport to allow easy travel to the area, which lies around 200 kilometres away from Alexandria.

The landmark deal injected the Egyptian economy with enough hard foreign currency to begin shoring up its fragile economy in February, increasing confidence from other international institutions. The International Monetary Fund, World Bank and the European Union have since pledged significant sums in loans and grants, helping to stabilise the country’s financial situation since the floatation of the currency in March.