Egyptian Prime Minister Mostafa Madbouly (C) witnesses the signing of an agreement between Egypt and the United Arab Emirates in New Administrative Capital, Egypt, on Feb. 23, 2024. Egypt and the United Arab Emirates (UAE) signed the deal on Friday to build a new city on Egypt’s northern coast, with the aim of boosting tourism, investment and foreign currency reserves. (Str/Xinhua)
CAIRO, Feb. 23 (Xinhua) — Egypt and the United Arab Emirates (UAE) signed a deal on Friday to build a new city on Egypt’s northern coast, with the aim of boosting tourism, investment and foreign currency reserves.
The agreement, signed by Egypt’s Housing Minister Assem El-Gazzar and UAE’s Investment Minister Mohamed Al Suwaidi at Egypt’s New Administrative Capital, will develop Ras Al-Hekma, a 170-square-kilometer area west of Alexandria.
Egyptian Prime Minister Mostafa Madbouly, who attended the signing, said the project would be carried out by Egypt’s New Urban Communities Authority and Abu Dhabi…