Egypt’s Talaat Moustafa Group (TMG) announced an agreement with Abu Dhabi’s ADQ and Modon Properties for developing the new Egyptian mega project of Ras Al Hekma. The collaboration confirms the strategic relationship between the three companies.
According to the disclosure submitted to the Egyptian Exchange (EGX) on Sunday, the new partnership will add value and benefits for both the company and the shareholders.
The new Ras Al Hekma project
Covering an impressive expanse of over 170 million square metres, Ras El-Hekma is expected to become a pioneering city of the future, primarily centered around tourism attractions, a free zone, and an investment zone. This development will seamlessly integrate residential, commercial, and recreational areas, fostering connectivity both locally and globally. Moreover, The Ras El-Hekma development is anticipated to draw over $150 billion in investments, with work slated to begin in early 2025.
ADQ is set to acquire the development rights for Ras El-Hekma for a total of $24 billion, with the Egyptian government retaining a 35 per cent stake in the project. Additionally, ADQ plans to invest $11 billion in real estate and other key projects in Egypt, alongside the Ras El-Hekma development rights.
