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.
