Egypt to unveil $5B coastal city project near Ras El-Hekma

Egypt is planning to develop a new coastal city between western Ras El-Hekma and eastern Marsa Matrouh, with initial investments estimated at 200 to 250 billion Egyptian pounds ($4 to $5 billion), according to a source at the New Urban Communities Authority.

Minister of Housing Sherif El-Sherbini announced this week plans for a new city to encourage integrated urban development and attract investment to the northwestern coast.

The source, speaking on condition of anonymity, said the authority is currently determining the project's needs and consulting with international engineering firms to draft the city’s master plan. “This could potentially double the implementation costs once a final vision is set,” they added.

The new city is expected to include permanent residential areas, not just seasonal summer housing, to support year-round living and services.

The source also noted that the government aims to engage both domestic and international private sector partners. Land plots will be offered for sale to develop various projects, provided they meet environmental and building code regulations outlined in the master plan.

As part of broader efforts to boost foreign currency inflows, the New Urban Communities Authority plans to sell more than 50 land plots in US dollars over the next six months.

This comes after it approved the sale of around 100 other plots in foreign currency from January through early June, a source familiar with the authority's land allocation file previously told Al Manassa.