Egypt Approves Two Investment-Free Zones in Ras El Hekma, Grants ‘Golden License’ to Urban Development Project Company

In a meeting held on Wednesday, 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. These free zones will be known as the “Ras El Hekma Urban Development Project Company” and a specialized international tourist port in the new city of Ras El Hekma.

The Council of Ministers stated in a press release that these initiatives are part of the development plan for the region. During the meeting, they 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. Additionally, they approved Prime Minister’s draft decision to form the Board of Directors of the Ras El Hekma Investment Zone.

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

The Egyptian Council of Ministers discussed progress on a contract to produce green hydrogen, its derivatives, and green ammonia between General Authority for Port Alexandria and other entities involved. They emphasized coordination and legal procedures need to be completed before this project can move forward.

Overall, this meeting demonstrated their commitment towards developing regions like Ras El Hekma to promote economic growth and investment opportunities in Egypt.