Egypt Gears Up for Sustainable Growth with New Investment Zones, Tourist Port, and Green Hydrogen Project

The Egyptian Council of Ministers, led by Dr. Mostafa Madbouly, approved the establishment of two private and investment-free zones in the Ras El Hekma area on the northern coast of Matrouh Governorate during its weekly meeting on Wednesday. The free zone will be known as the “Ras El Hekma Urban Development Project Company.” Additionally, the Cabinet approved the establishment of a specialized international tourist port in the new city of Ras El Hekma.

These initiatives are part of the development plan for the region, according to a press release issued by the Council after the meeting. The decisions made regarding the development of Ras El Hekma included granting a single approval, called the “golden license,” to the Ras El Hekma Urban Development Project Company LLC for both the investment zone and private free zone projects. The Prime Minister’s draft decision to form the Board of Directors of the Ras El Hekma Investment Zone was also approved.

During the meeting, it was informed that land has been allocated to 11 companies for various projects in different cities through approval by the Board of Directors of the New Urban Communities Authority. This includes implementing integrated urban, commercial, administrative, and investment services activities and establishing facilities like warehouses, schools, car supply stations, and bakeries.

The Council of Ministers also discussed progress on a contract to produce green hydrogen between Egypt’s General Authority for Port Alexandria and other stakeholders such as New and Renewable Energy Development and Utilization Authority and Demi Highport Energy NV. They emphasized coordination efforts to complete legal procedures for this project.

Overall, these decisions showcase Egypt’s commitment to promoting economic growth and investment opportunities in specific regions by creating favorable conditions for businesses to flourish while prioritizing sustainability goals.

In conclusion, these developments highlight Egypt’s efforts towards sustainable growth through incentivizing private sector participation while ensuring proper legal frameworks are in place to support these initiatives. It is clear that Egypt is committed to creating an environment conducive for businesses while maintaining environmental standards that align with global goals.