Patronage

HELD UNDER THE PATRONAGE OF HIS EXCELLENCY DR. MOUSTAFA MADBOULY, PRIME MINISTER OF THE ARAB REPUBLIC OF EGYPT

CONSTRUCTION PORTFOLIO OF EVENTS

25 - 27 June 2024

11 AM - 7 PM

Egypt International Exhibition Center (EIEC)

Egypt Secures $35bn UAE Investment for Mediterranean Coast Revitalization.

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Egypt and the United Arab Emirates (UAE) are cooperating to boost Egypt's economy. The UAE is investing $35bn in a plan to develop the Ras El Hikma peninsula on the Mediterranean coast. This project aims to turn the area into a bustling economic hub, with the potential to attract up to $150mn in total investments.

Prime Minister Mostafa Madbouly praised the agreement as a major step toward revitalizing Egypt's economy. The investment is expected to start soon, with $15bn coming in the next week and a total of $35bn over two months.

The plan is to build a modern city covering 170 square kilometers, which is about one-fifth the size of Abu Dhabi. It will include different areas for investment, technology, industry, entertainment, a marina, an airport, and places for tourism and living.

This massive project is expected to significantly boost the construction and building materials industry in Egypt, creating a surge in demand for materials like cement, steel, and glass. With extensive infrastructure development planned, local construction firms are poised to benefit from increased contracts and employment opportunities, leading to a positive ripple effect throughout the sector.

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