Egyptian Council of Ministers Approves Establishment of Investment-Free Zones and Specialist Tourist Port in Ras El Hekma, Promoting Economic Growth and Foreign Investments

In a bid to promote economic growth and investment opportunities in the country, the Egyptian Council of Ministers, led by Dr. Mostafa Madbouly, has approved the establishment of two private and investment-free zones in the Ras El Hekma area on the northern coast of Matrouh Governorate. The free zone will be known as the “Ras El Hekma Urban Development Project Company.” Additionally, the Cabinet has approved the establishment of a specialized international tourist port in the new city of Ras El Hekma.

During its weekly meeting on Wednesday, the Council of Ministers granted 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. This decision was part of the development plan for Ras El Hekma and paves the way for further investment and development in this region.

The Prime Minister’s draft decision to form the Board of Directors of Ras El Hekma Investment Zone was also approved during this meeting. This decision will help to coordinate efforts towards developing this region and attracting more foreign direct investments.

In addition to these initiatives, during its meeting, The Council of Ministers discussed several other matters related to promoting economic growth and investment opportunities in Egypt. They were informed that The Board of Directors at New Urban Communities Authority had allocated land to 11 companies for various projects in different cities across Egypt. These projects include integrated urban, commercial, administrative and investment services activities as well as facilities like warehouses, schools car supply stations and bakeries among others which will promote business activities in different regions across Egypt.

The Council also reviewed progress on a contract between General Authority for Port Alexandria, New Renewable Energy Development & Utilization Authority and Demi Highport Energy NV to produce green hydrogen its derivatives green ammonia which aims at reducing carbon emissions from transportation sector . They emphasized on coordination efforts between all parties involved in order to complete legal procedures necessary for this project as soon as possible so that it can contribute significantly towards achieving sustainable energy goals set by government .