Egypt and the UAE Strike $35 Billion Deal for Acquisition of Premium Mediterranean Area

Egypt and the United Arab Emirates have reached a monumental $35 billion agreement to develop the town of Ras el-Hekma on Egypt’s northwestern coast, as announced by Egyptian Prime Minister Mostafa Madbouly on Friday following weeks of speculation.

Madbouly revealed during a news conference, attended by officials from both Egypt and the UAE, that Egypt will receive an initial sum of $15 billion in the upcoming week, followed by an additional $20 billion within two months.

Describing it as the largest foreign direct investment in an urban development project in Egypt’s modern history, the prime minister emphasized that it marks a partnership between the Egyptian government and an Emirati consortium led by ADQ.

ArabMLS Founder

Ahmed Elbatrawy, who leads the Arab MLS platform, aims to simplify property transactions in the Middle East, paving the way for unprecedented global investment opportunities.

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