Egypt has partnered with the UAE to develop its Mediterranean coast, bringing $35 billion in investments.

The deal involves ADQ, an Abu Dhabi-based sovereign fund, focusing on the Ras El Hekma peninsula’s development.

There’s potential for the project to attract up to $150 billion in investments over time.

Longer-term bonds, maturing in 2031 or later, have seen significant gains, rising over 4 cents in the dollar.

Development of a “next-generation city” across 170 square kilometers will start in early 2025, featuring various amenities and investment zones.

Egypt’s government will maintain a 35% stake in the project.

The deal anticipates $15 billion within a week and $35 billion over two months, with $11 billion converted into Egyptian pounds from existing UAE dollar deposits.

  • Posted on 2024/03/08
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