Posted: 12.02.2024 12:36:00

Media: UAE in talks to develop $22bn beach strip in Egypt

Abu Dhabi is currently actively negotiating the purchase and development of premium land on the Mediterranean coast of Egypt, and the deal could amount to $22bn, TASS reports


As noted by Bloomberg with reference to its sources, Egypt will be able to retain ownership of about 20 percent of the territory, the total area of which is 180m square metres. Some state-owned enterprises and Egypt's largest real estate developer, Talaat Moustafa Group, will get shares in the minority stake. Negotiations are still ongoing, and the final decision has not yet been made.

According to Hossam Heiba, the CEO of the state-run General Authority for Investment and Free Zones, the preliminary estimate of the deal makes $22bn, and the project will be agreed upon soon.

It is assumed that the deal should not only strengthen co-operation between the United Arab Emirates and Egypt, but also help the North African country overcome one of the most serious currency crises in recent decades.