UAE in talks to develop $22bn beach land in Egypt
Al Jazeera
Such a major agreement could boost the Egyptian economy, which is facing a dire foreign exchange crisis.
The United Arab Emirates is in advanced talks to purchase and develop a large piece of land on Egypt’s Mediterranean coast in a deal that could bolster the troubled economy of the North African nation.
An UAE consortium has been picked to work with Egyptian partners to develop the land in Ras el-Hekma, about 350km (217 miles) northwest of Cairo, an Egyptian official was quoted by CNBC Arabia on Wednesday as saying.
Hossam Heiba, the chief executive officer of the state-run General Authority for Investment and Free Zones, told the broadcaster that the initial estimate for the total project was $22bn and that an agreement was expected soon. He did not provide further details, nor name any companies or entities.
On Thursday, Egypt’s cabinet said the government was preparing to announce new projects that will “earn huge amounts of foreign currency” and create hundreds of thousands of new jobs in an apparent reference to a multibillion-dollar development planned along the Mediterranean coast in an area of upscale luxury resorts.
The emirate of Abu Dhabi, one of seven in the UAE and the country’s capital, is involved in the project, according to unnamed people familiar with the talks quoted by US outlet Bloomberg, which also reported that Egypt may retain ownership of about 20 percent of the vast territory spanning 180 million square metres.
