Egypt and UAE sign $150 billion investment deal

Egypt signed an investment contract with the United Arab Emirates (UAE) Friday to develop the Ras El Hikma peninsula west of Alexandria. The deal will bring $150 billion into Egypt, including $35 billion in direct investment within the next 2 months. Speaking at the signing ceremony in Cairo, Egyptian Prime Minister Mostafa Madbouly said the agreement was the largest direct investment deal in Egypt’s history.

The project will build a new city on Egypt’s northern coast, over an area of 170 million square meters. It will include recreational, residential, industrial, and business zones, as well as a marina for tourist ships and an international airport.