During its weekly meeting on Wednesday, the Egyptian Council of Ministers, headed 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. The free zones are scheduled to be established under the name “Ras El Hekma Urban Development Project Company.” Additionally, the Egyptian Cabinet also approved the Ras El Hekma Urban Development Project Company to establish a specialized international tourist port in the new city of Ras El Hekma.
The Council of Ministers stated in a statement after the meeting that these developments are part of the development plan for the promising region of Ras El Hekma. The decisions made during the meeting included approving a draft Cabinet decision granting the Ras Al-Hekma Urban Development Project Company LLC a single approval for both the investment zone and private free zone projects. The Council also approved the formation of the Board of Directors of the Ras El Hekma Investment Zone.
Furthermore, the Council of Ministers was informed during the meeting of the approval of the Board of Directors of the New Urban Communities Authority to allocate plots of land to 11 companies in various cities to implement urban, commercial, administrative, and investment services activities. Additionally, the Council followed up on the steps and procedures being taken regarding a contract to produce green hydrogen, its derivatives, and green ammonia.
In other business, the Council discussed various activities related to advertising agencies, health insurance, and legal services. The meeting also addressed matters related to education, renewable energy, and real estate. The Council’s decisions and actions demonstrate the government’s commitment to economic development and investment in key sectors of the economy.