Egypt Approves Investment-Free Zones in Ras El Hekma, Grants ‘Golden License’ for Project Development

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 during its weekly meeting on Wednesday. These initiatives are part of the development plan for the region, with the aim of promoting economic growth and investment opportunities in Egypt.

The Council 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, it approved Prime Minister’s draft decision to form the Board of Directors of the Ras El Hekma Investment Zone.

During the meeting, the Council was informed that 11 companies have been approved by Board of Directors of New Urban Communities Authority to allocate land for various projects in different cities. These projects include 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, its derivatives and green ammonia between General Authority for Port Alexandria, New and Renewable Energy Development and Utilization Authority and Demi Highport Energy NV. It emphasized on coordination and completing legal procedures for this project.

Overall, these decisions highlight Egypt’s commitment to attracting foreign investment and promoting economic growth through strategic investments in key industries such as tourism, renewable energy and urban development