UAE-Egypt Partnership: A $35 Billion Boost to Egypt's Mediterranean Coast

 



To boost Egyptian economy, great deal has been signed by Egypt and United Arab Emirates to develop a prime stretch of its Mediterranean coast.The deal, which is the largest amount of FDI in the history of the country, enables the two countries to develop Ras Al-Hekma, a 170-square-km area west of Egypt's Mediterranean city of Alexandria, into a new massive urban, business and tourism center

"The deal constitutes a breakthrough in Cairo's efforts to lure foreign direct investment and end its worst foreign exchange crisis," Waleed Gaballah, a member of the Egyptian Association for Political Economy, Statistics and Legislation, told Xinhua.

Under the deal it is expecting the project to attract eight million tourists and create millions of job opportunities during and after its implementation. The deal is significant because it will encourage other FDI and reduce the pressure on Egypt to obtain dollars.

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