United Arab Emirates bought the coastal city of Egypt?

United Arab Emirates bought the coastal city of Egypt?

News By Feb 25, 2024 No Comments

The United Arab Emirates will give Egypt 15 billion dollars now, while two months later it will pay another 20 billion dollars. Photo: Arab Media

Cairo: An agreement was reached between the United Arab Emirates and Egypt to invest $35 billion in the premium Mediterranean city of Ras al-Hikmah.

According to Arab media, Egyptian Prime Minister Mustafa Madbouly has announced after weeks of speculation that he has agreed to a $35 billion deal with the United Arab Emirates to develop the town of Ras al-Hikmah on the northwest coast.

Egypt’s Prime Minister Mustafa Mazbouli said that the United Arab Emirates will pay 15 billion dollars in advance for investment, while the remaining amount will be paid in 2 months.

The prime minister said this is the largest foreign direct investment in an urban development project in the country’s modern history, a partnership between the government of Egypt and an Emirati consortium led by ADQ.

Regarding the fate of the residents of Ras al-Hikma area, the Egyptian Prime Minister said that they will be transferred to other areas with financial compensation.

According to the Prime Minister of Egypt, this investment will end the country’s economic crisis.

The announcement follows speculation that Egypt will sell its coastal city of Ras al-Hikmah to the UAE due to a currency crisis, debt repayments and a lack of funds.

However, the Egyptian Prime Minister said that 35 percent of the profits from the project will belong to Egypt, but since it is a private investment, the majority of the shares will be held by the UAE consortium.

It should be noted that the area has recreational facilities for tourists as well as schools, universities, industrial zones, a business and industrial zone, a special boating area for tourists and an international airport.

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