UAE to invest $35 billion in Egypt
The United Arab Emirates (UAE) has announced a $35 billion investment in Egypt, marking the country's largest direct investment agreement to date.
cumhuriyet.com.trThe deal, signed at the government headquarters in Cairo, will focus on the Ras el-Hikme region in northwest Egypt.
Egyptian Prime Minister Mustafa Madbouly was present at the signing, which was reported by Egypt's official news agency MENA. The agreement was signed by Egypt's Minister of Housing Asim el-Gazzar and UAE's Minister of Investment Mohammed Hasan Al-Suwaidi.
The investment, described as a direct foreign investment, will be channeled into tourism, urbanization, and real estate projects in the Ras el-Hikme area through a company bearing the region's name. It is planned to be allocated in two phases, with the first phase worth $15 billion and the second $20 billion. Egypt is expected to profit by 35% from the investment.