Search Site

Trends banner

Luberef net profit falls 7% in Q1

A fall in by-products sales leads to profit dip.

SABIC net loss $322 million

The company's net profit was $66m in Q1 2024

PureHealth posts $137m Q1 net profit

The Group's revenue increased 8 percent YoY.

Borouge Q1 net profit $281 million

The total dividend paid to shareholders in 2024 $1.3bn.

Emirates expects first 777X delivery in H2 2026

Boeing had pushed back the first delivery to 2026 from 2025.

UAE backs Egypt’s Ras El Hekma megaproject, aims for $110 billion investment

Ras El Hekma is projected to be a major driver of economic growth, contributing $25 billion annually to Egypt’s GDP by 2045.
  • Located approximately 350 kilometres northwest of Cairo, the Ras El Hekma project has garnered significant interest from Emirati investors
  • Modon Holding, the master developer for the Ras El Hekma megaproject, will steer the project in partnership with prominent partners from Egypt

Abu Dhabi, UAE – The UAE Ministry of Investment (MoI) announced today its support and key role in the advancement of the Ras El Hekma project and the participation of Emirati companies in its expansion and growth plan. This project is one of Egypt’s most ambitious coastal city developments.

Located approximately 350 kilometres northwest of Cairo, the Ras El Hekma project has garnered significant interest from Emirati investors, drawn by its potential as a financial centre, free zone, and luxury tourism destination. The Ministry has been instrumental in streamlining processes, simplifying investment frameworks, and identifying key opportunities for Emirati companies to participate in this strategic initiative.

Modon Holding, the master developer for the Ras El Hekma megaproject, will steer the project in partnership with prominent partners from Egypt, the UAE, and the international community. With several MoUs signed, including with Abu Dhabi Airports, TAQA, and Burjeel Holding, the MoI will continue to facilitate future collaborations, ensuring Emirati companies remain key contributors to Ras El Hekma’s development.

Mohamed Hassan Al Suwaidi, UAE Minister of Investment, stated: “The Ras El Hekma project highlights the growing economic collaboration between the UAE and Egypt. The Ministry of Investment has worked to create an enabling investment environment, allowing Emirati companies to contribute meaningfully to Egypt’s development and fostering opportunities for long-term economic growth and shared prosperity.”

Ras El Hekma is projected to be a major driver of economic growth, contributing $25 billion annually to Egypt’s GDP by 2045 and attracting $110 billion in investments during its development phase.

The UAE’s investment in Ras El Hekma reflects the shared vision between the two countries to promote sustainable urban development, regional prosperity, and deeper economic cooperation. This megaproject is poised to become a key driver of Egypt’s tourism and economic growth, with the UAE’s MoI continuing to play a pivotal role in guiding and promoting Emirati investments across various sectors.