The Egyptian Council of Ministers has approved the establishment of two private and investment-free zones in the Ras El Hekma area on the northern coast of Matrouh Governorate. These initiatives are part of the development plan for the region, as stated in a press release after the meeting.
The Ras El Hekma Urban Development Project Company will be formed as a company with a single approval, known as the “golden license,” to develop both investment zone and private free zone projects. Additionally, the Cabinet approved the establishment of a specialized international tourist port in the new city of Ras El Hekma.
During the meeting, the Council was informed that 11 companies had been granted land by the Board of Directors of the New Urban Communities Authority for various projects in different cities. This included implementing 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 between several entities including General Authority for Port Alexandria and Demi Highport Energy NV. They emphasized coordination and completing legal procedures for this project. Overall, it was clear that promoting economic growth and investment opportunities in Egypt is a key focus for these officials.