CAIRO, Oct. 4 (Xinhua) -- Egyptian President Abdel-Fattah al-Sisi and visiting President of the United Arab Emirates (UAE) Sheikh Mohamed bin Zayed Al Nahyan on Friday launched the Ras Al-Hekma development project, a new resort city on Egypt's northern coast.
The Egyptian Presidency said in a statement that the two presidents witnessed the signing of contracts by several Egyptian and UAE companies, marking the commencement of work on the project.
The two leaders emphasized the project's importance in strengthening bilateral economic and investment relations, considering it a model for constructive developmental partnership between Egypt and the UAE.
Signed in February, the Ras Al-Hekma project spans a 170-square-km area in Egypt's North Coast and will bring 35 billion U.S. dollars in foreign direct investment to Egypt.
