Egypt Seals Biggest Deal Ever With UAE Investing $35 Billion
- ADQ expects over $150 billion in investments for Egypt project
- Egypt ‘very few steps’ from new IMF deal, prime minister says
Mostafa Madbouly
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
The United Arab Emirates agreed to invest $35 billion in Egypt, a breakthrough in Cairo’s efforts to end its worst foreign-exchange crisis in decades.
The plans include developing a premium area on the North African nation’s Mediterranean coast known as Ras El-Hekma — a project Egypt’s Prime Minister Mostafa Madbouly described as the biggest deal in his country’s history.