Rumor Confirmed: GAFI President Says Emirati Consortium Is Chosen to Invest in Ras El Hikma

It’s no longer a rumor. Hossam Heiba, President of the General Authority for Investment and Freezone (GAFI) has picked an Emirati consortium to take over the USD 22 Billion development of a plot of land in the North Coast’s Ras El Hikma.

GAFI President told CNBC Arabia, in an interview yesterday, that the authority had received a number of offers from several international consortiums. 

Up until yesterday, this hot topic was marred by uncertainty as one side vehemently denies and others close to the deal confirm, this is the first Egyptian official to confirm the actual existence of such a deal.

Here Is What We Know So Far

Ras Al Hikma is adjacent to Al Daba’a where Egypt and Russia are currently building the first Egyptian nuclear plant.

This area extends over 50 kilometers along the northern coast of the Mediterranean and is known for its resorts and beaches and has been dubbed ‘Egypt’s Riviera.’

We are still to receive confirmation on unsubstantiated reports who claim the Emirati side of the deal is spearheaded by Mohamed Al Abbar of Emaar Properties, developer of Burj Khalifa and Dubai Mall and founder of Noon.

Other reports, which we couldn’t independently verify, claim Al Abbar was planning for Emaar Properties to go in on half of the deal’s worth but wound up with a 100% investment instead.

It is also widely believed that the existence of such a deal would have a positive effect on an otherwise unstable USD Market.

We Said This… Four UAE Cities Make It To Top Safest Cities In The World