Egypt has embarked on a significant economic transformation with the announcement of two major investment deals totaling $50 billion. The first, a landmark $35 billion investment agreement with the United Arab Emirates (UAE), involves the development of Ras El-Hekma, a prime location on Egypt's Mediterranean coast. This deal, Egypt's largest-ever direct foreign investment, includes $24 billion in fresh cash and an $11 billion existing deposit, expected to arrive within two months. The UAE's Abu Dhabi fund anticipates over $150 billion in investments from this initiative. Concurrently, Egypt is nearing a $15 billion deal with Saudi Arabia for Ras Ghareb, a prime Red Sea area, to develop Ras Ghamila. This move, aimed at boosting the Egyptian economy amid a quadrupling of foreign debt to $164 billion over the past decade, has sparked calls for greater transparency. The first tranche of the UAE's commitment, amounting to $5 billion, has already been received, marking a step towards economic recovery and potentially unlocking more international assistance. The Ras Ghamila project was delayed due to the Covid-19 pandemic.
Egypt hopes its Mediterranean coast can attract millions of foreign tourists each year after the government agreed a huge development deal with the UAE https://t.co/qZPcSXl0A1
Egypt hopes its Mediterranean coast can attract millions of foreign tourists each year after the government agreed a huge development deal with the UAE https://t.co/dj9TCfnK9D
Egypt has received $5 billion as the first installment of the investment partnership deal with the United Arab Emirates to develop Ras al-Hikma City, Prime Minister Dr. Mostafa Madbouly announces. #RasAlHikma #Egypt https://t.co/GNHbTqrmNB
#Egyptβs Ras El-Hekma to be largest tourism project on Mediterranean: Al-Sisi Read more: https://t.co/cBt6xqA2j4 https://t.co/VJY4mBSlUO
Egypt receives initial tranche of UAE's $35 billion commitment https://t.co/FEy9JYwrsu https://t.co/SeEcQ5upM0
Egypt receives the first transfers from the $35 billion in funds pledged by the UAE, a massive package of financing that brings closer a currency devaluation and should unlock more international assistance https://t.co/bqlPa0gD1k
ICYMI: #Egypt is drawing up plans to develop Ras Gamila, a stretch of largely vacant seaside near the resort of Sharm el-Sheikh, a government official says, days after a huge Emirati #investment deal was announced. https://t.co/W1yUha098L
#Egypt is drawing up plans to develop Ras Gamila, a stretch of largely vacant seaside near the resort of Sharm el-Sheikh, a government official says, days after a huge Emirati #investment deal was announced. https://t.co/W1yUha098L
This is really great. Finally the rich Gulf countries are investing in PEOPLE instead of just in oil and tourism. Egypt needs this money most of all. πͺπ¬πͺπ¬πͺπ¬ https://t.co/b3Pg1J439b
After a $35bn deal with the UAE to develop Ras el-Hekma, Cairo seems close to agreeing a $15bn project with Riyadh to develop Ras Ghamila https://t.co/ZicTz2Fzxo
Egypt is receiving a mega bailout from the UAE: - $35 bn for Ras El-Hekma & other projects - Of which: $24 bn in fresh cash + $11 bn existing deposit - All will arrive within 2 months - Abu Dhabi fund expects over $150 bn in investments https://t.co/b1LDRYNXre https://t.co/hX2tkUUWFb
In the past decade, Egypt's foreign debt has quadrupled to $164 billion. To address the economic crisis, Egypt signed a $35 billion deal with the UAE for Ras Al-Hekma, and is close to securing a $15 billion deal with Saudi Arabia for Ras Ghareb https://t.co/JRbVOcAHwG
Bids from Saudi Arabia's Public Investment Fund and the Qatar Investment Authority are under consideration by the Egyptian government for the Ras Ghamila project, which was delayed due to the Covid-19 pandemic. The winner will be announced within 2 months https://t.co/ZicTz2Fzxo
Egypt is considering selling a prime Red Sea location to Saudi Arabia for $15bn, similar to the recent $35bn deal with the UAE. The move is expected to boost the Egyptian economy, but critics argue for more transparency https://t.co/ZicTz2Fzxo
Egyptians anticipate a significant influx of foreign currency in the coming days after Egypt signed its largest-ever direct foreign investment deal with the UAEβs ADQ company. https://t.co/kf6q65dA1e
Ras Ghamila: Is Egypt about to sell a prime Red Sea area to Saudi Arabia? https://t.co/AqCFOEIfeU
Egyptβs dollar bonds surge as a landmark $35 billion investment deal with the UAE stokes optimism https://t.co/QWRJ4gf1AF