Egypt is currently facing a major economic crisis. Egypt is struggling to come out of this. Meanwhile, Egypt has received a major support from the UAE. Egypt signed a historic multibillion-dollar deal with the UAE for a massive urban, trade and tourism hub on the northern coast.
Under this, a modern city Ras El Hekma will be constructed at a cost of billions of dollars. A $35 billion deal was finalized to buy this coastal city. The agreement was signed by Egypt’s Housing Minister Assem Al-Gazzar and UAE Investment Minister Mohammed Al Suwaidi.
This Muslim country has been forced to sell a very beautiful place of its country to the United Arab Emirates i.e. UAE. This Muslim country is going to hand over the entire city to UAE investors.
Egyptian PM Mustafa Madbouly said that the UAE will pay $15 billion in advance. Will pay the rest in two months. According to Madbouli, the deal is the largest foreign direct investment (FDI) in an urban development project in the country’s modern history.
The city will include residences, tourist resorts, schools, universities, an industrial zone, a central financial and business district, an international marina for tourist yachts and an international airport. Regarding the future of the people here, Madbouli said that they will be shifted to other areas. They will be given financial compensation. He said that this project will reduce the economic crisis of the country.
