On Wednesday, the Egyptian Council of Ministers, led by Dr. Mostafa Madbouly, made two significant decisions that will boost economic growth and investment opportunities in the country. The council approved the establishment of two private and investment-free zones in the Ras El Hekma area on the northern coast of Matrouh Governorate. These zones will be known as the “Ras El Hekma Urban Development Project Company” and a specialized international tourist port in the new city of Ras El Hekma.
The council stated in a press release that these initiatives are part of the development plan for the region. They granted a single approval, called the “golden license,” to the Ras El Hekma Urban Development Project Company LLC for both investment zone and private free zone projects. Additionally, they approved Prime Minister’s draft decision to form the Board of Directors of the Ras El Hekma Investment Zone.
During the meeting, the council also informed them about land allocation approvals from New Urban Communities Authority to 11 companies for various projects in different cities. This included integrated urban, commercial, administrative and investment services activities as well as establishing facilities like warehouses, schools, car supply stations and bakeries.
The council also discussed progress on a contract to produce green hydrogen, its derivatives and green ammonia between General Authority for Port Alexandria, New Renewable Energy Development Utilization Authority and Demi Highport Energy NV. They emphasized need for coordination and completion legal procedures for this project.
Overall, Egyptian Council of Ministers focused on developing Ras El Hekma area and other regions to promote economic growth and investment opportunities in Egypt with an aim to diversify their economy from traditional industries such as agriculture or manufacturing into more modern sectors like renewable energy or tourism which can attract foreign investments while creating job opportunities locally