According to Bloomberg, Abu Dhabi is now in advanced negotiations to purchase and develop the Ras El-Hekma property located on Egypt’s north coast.
According to people familiar with the situation, Talaat Moustafa Group (TMG) and certain Egyptian state-run organizations may keep about 20% of the 180 million square meters of land.
Hossam Heiba, the chairman of the General Authority for Investment and Free Zones (GAFI), declared on February 8th that the organization had chosen an Emirati group to oversee the Ras El Hekma tourism project on the North Coast.
Heiba noted that before selecting the Emirati consortium, the authority had received multiple offers from international consortia.
He went on to say that the project’s initial investments might exceed $22 billion and that they wouldn’t come in one big chunk.