The Clap
This is not a drill: Ras El Hekma USD 22 billion deal is confirmed, awarded to an Emirati consortium.
What
The General Authority for Investment and Freezone (GAFI) chose an Emirati consortium to be responsible for the development of the USD 22 billion project in Ras El Hekma, head of GAFI Hossam Heiba told CNBC Arabia.
Potential impact
Not all the details are out yet, but the deal can potentially boost the country’s foreign direct investments (FDI) and FX inflows.
Some Context
As revealed by the government earlier this month, one of the country’s 2030 goals is to increase FDI by 10% annually to reach USD 19 billion.
