Egypt’s Prime Minister, Moustafa Madbouli, announced that the UAE will invest $35 billion directly into the heavily indebted country. ADQ, Abu Dhabi’s sovereign wealth fund, has confirmed that most of this investment will develop Ras el-Hikma, a global tourist destination city on the Mediterranean coast.
These investments are part of the national urban development plan called “Egypt 2052,” specifically aiming to develop the northern coast and transform Ras el-Hikma into a world-class tourist destination.
The Egyptian government relies on foreign investment to tackle its foreign exchange crisis. The country is struggling to repay its foreign debt, which currently stands at almost $165 billion. Recently, a $35 billion deal was signed between Egypt and the UAE. The agreement will see $15 billion paid within a week and $20 billion paid two months later. The Abu Dhabi sovereign wealth fund, ADQ, will also purchase the…