Tag Archives: tourism development

Abu Dhabi’s ADQ unveiled plans to develop Ras El Hekma as a leading one of a kind Mediterranean holiday destinations and will invest USD35 billion in Egypt and acquire the development rights for Ras El-Hekma for USD24 billion to develop the region into one of the largest new city developments by a private consortium. The significant investment marks a pivotal step towards establishing Ras El-Hekma as a leading first-of-its-kind Mediterranean holiday destination, financial centre and free zone equipped with world-class infrastructure to strengthen Egypt’s economic and tourism growth potential. Ras El-Hekma is a coastal region in Egypt located approximately 350 kilometres northwest of Cairo. The Egyptian government will retain a 35 per cent stake in the Ras El-Hekma development. As part of this investment, ADQ will also convert USD11 billion of deposits that will be utilised for investment in prime projects across Egypt to support its economic growth and development. The signing ceremony was attended by Mostafa Madbouly, Prime Minister of Egypt, Jassem Mohamed Bu Ataba Alzaabi, Vice Chairman of ADQ, and Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ. Spanning over 170 million square metres, Ras El-Hekma will feature tourism amenities, a free zone and an investment zone combining, among else, residential, commercial, and recreational spaces with connectivity domestically and internationally. ADQ, leveraging its expansive portfolio and partners, aims to unlock the appeal of Ras El-Hekma as a premium international financial and tourism destination adopting the latest cutting edge digital and technological smart city solutions. ADQ intends to leverage Egyptian and international partners as part of its development and investment plans. Work is expected to commence in early 2025. ADQ’s decision to invest in Ras El-Hekma is underpinned by …

The Ajman Department of Tourism Development – ADTD signed a memorandum of understanding with the Ajman Department of Economic Development (Ajman DED) which aims to establish a partnership between the two parties to increase cooperation, unite efforts and exchange knowledge and experiences at all levels. The memorandum of understanding was signed by His Excellency Mahmoud Khaleel Alhashmi, Director General of the Ajman Department of Tourism Development, and His Excellency Abdullah Ahmed Al Hamrani, Director General of the Ajman Department of Economic Development. As part of the agreement, a coordinating committee will be formed that aims to increase the economic and tourism growth rates in the emirate by uniting efforts and exchanging experience and knowledge to support tourism projects and events in line with the emirate’s vision 2030. The agreement aims to enhance the emirate’s position at the regional and global levels by improving its position in international competitiveness reports. The two parties also seek to enhance the economic and tourism competitiveness of the emirate through integration in planning, partnerships and joint projects. The memorandum also aims to support decision-makers by measuring strategic performance and raising customer satisfaction rates. The scope of collaboration between these two parties encompasses a range of activities, including synchronized efforts in economic and tourism marketing and promotion, the exchange of vital economic and tourism-related data and insights, and the undertaking of collaborative studies and research endeavors. This collaboration further encompasses the formulation and execution of joint policies and initiatives, as well as the continuous monitoring of international competitiveness benchmarks. A pivotal objective is also to enrich the experiences of investors and tourists alike by involving international corporations and orchestrating joint occasions and festivals. In this regard, …