Egyptian Council of Ministers Approves Establishment of Two Investment-Free Zones and Grants ‘Golden License’ for Urban Development Project in Ras El Hekma

The Egyptian Council of Ministers, under the leadership of Dr. Mostafa Madbouly, has approved the establishment of two private and investment-free zones in the Ras El Hekma area on the northern coast of Matrouh Governorate. These initiatives are part of the development plan for the region, which includes granting a single approval, known as the “golden license,” to the Ras El Hekma Urban Development Project Company LLC for both investment zone and private free zone projects. Additionally, the Cabinet approved the formation of a Board of Directors for the Ras El Hekma Investment Zone.

During their meeting, the Council was informed that 11 companies had been approved by the 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 facilities such as warehouses, schools, car supply stations, and bakeries.

The meeting also focused on progress made in a contract between General Authority for Port Alexandria and New and Renewable Energy Development and Utilization Authority to produce green hydrogen derivatives and green ammonia. The council emphasized coordination with legal procedures completion before proceeding with this project.

Overall, Egyptian Council of Ministers continues its efforts to promote economic growth and investment opportunities by developing regions across Egypt.