Abu Dhabi is currently engaged in advanced negotiations to acquire and transform the Ras El-Hekma property situated on Egypt’s northern coast, reports Bloomberg.

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Sources familiar with the matter reveal that Talaat Moustafa Group (TMG) and select Egyptian state-run entities are poised to retain approximately 20% ownership of the expansive 180 million square meters of land.

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Chairman of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, announced on February 8th that an Emirati consortium had been selected to spearhead the Ras El Hekma tourism project along the North Coast.

Highlighting the rigorous selection process, Heiba disclosed that the authority had entertained various offers from global consortia before opting for the Emirati group.

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Furthermore, Heiba emphasized that the project’s initial capital investment could surpass $22 billion, disbursed incrementally rather than in a single lump sum.