Feb 24, 2024 at 12:58 Update: an hour ago
The United Arab Emirates (UAE) is investing 35 billion euros in the development of a new tourist attraction in Egypt. According to Egyptian Prime Minister Mostafa Madbouly, this is the largest foreign investment ever in the country.
The new tourist complex will be located on the Ras al-Hikma peninsula, which is located 350 kilometers northwest of the Egyptian capital Cairo. According to the plans, hotels, homes, a marina, sports centers and shops will be built.
The development of the new area should create millions of jobs and help Egypt get out of the economic crisis. The deal further strengthens the bond between Egypt and the UAE. The UAE has previously supported Egypt with investments.
Investor ADQ from Abu Dhabi is also purchasing the rights to develop the Ras al-Hikma area. The investor will lead a consortium of companies in the development and expects to attract more than $150 billion in investments for the major project.
Beeld: Getty Images
Read more about:
EgyptUnited Arab EmiratesEconomy
2024-02-24 11:58:54
#UAE #invests #billions #tourism #construction #project #Egypt #Economy
