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Ras al-Hikma deal is underway after all, MP confirms

The Undersecretary of the Housing Committee in the House of Representatives, Tarek Shoukry has confirmed that reports about a deal to sell a large plot of land in the Ras al-Hikma area at Matrouh Governorate true.

In a phone interview with TV host Amr Adib on the “al-Hekaya” (The Story) show on MBC Masr, Shoukry added that until now little is known about details of the deal, especially financial aspects.

He anticipates that the deal will be signed within a week or ten days once all details are agreed upon, including its value and the method of payment.

Shoukry attributed the fact that government officials have not spoken about the details of the deal yet to the desire of all parties to finalize the agreement.

“Let us look at the positive aspects related to this imminent deal, such as obtaining a large sum of money, attracting serious investment, implementing valuable projects, establishing a new city that operates throughout the year, and achieving a major tourism boom in the region,” he explained.


Ras al-Hikma makes headlines

Local media have reported on a possible deal for an Emirati consortium to buy a huge plot of land in the Ras al-Hikma area on the northwestern coast of Matrouh Governorate.

The land would be used to establish an international tourist city project on it similar to the New el-Alamein City, for an amount of up to US$22 billion – part of which will be paid in advance.

Official sources clarified that the Ras al-Hikma development project is part of a larger development plan to develop the northwest coast region in general.

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