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The Egyptian government on Wednesday it had approved establishing a specialÌýfree zone and an internationalÌýtouristic port in the MediterraneanÌýÌýbeach resort, west ofÌýAlexandria.Ìý

The Ras al-Hekma Development Project Company will set up the project, which has been granted a golden license to develop an investment and a private free zone, said in a statement.

In February, Egypt and the Ìý²õ³Ù°ù³Ü³¦°ìÌýÌýto develop theÌýÌý(also spelt al-Hikma and El-Hekma) worth US$35 billion.

To bolster the project, the Egyptian government has transferred 170.8 million square metres of army-owned land to the state-owned New Urban Communities Authority to construct the 'New Ras al-Hekma City.'

The UAE's sovereign wealth fund,Ìý, has led an investment consortium with US$24 billion earmarked for Ras al-Hekma, while the remaining US$11 billion will go towards other development projects across Egypt.Ìý

Ras al-Hekma is an up-and-coming resort destination located on a cape approximately 212 kilometres west of Alexandria and about 350 kilometres northwest of the capital, Cairo. It boasts stunning turquoise waters and white sandy beaches and has attracted significant investment in luxury developments.

The Egypt-UAE deal is intended to bolster economic growth and address Egypt's months-longÌý.

Earlier this month, the Egyptian governmentÌýÌýtwo plots of land to the Ministry of Civil Aviation to build an international airport in Marsa Matrouh province near . The UAE will develop the airport, and Egypt will receive a share of the generated revenues as per the multi-billion-dollar deal.Ìý