Egypt Secures $35 Billion Investment Deal with UAE for Mediterranean Development

Egypt has agreed to a $35bn deal with the United Arab Emirates to develop the town of Ras el-Hekma on its northwestern coast, with an advance payment of $15bn expected in the coming week and another $20bn within two months. The deal, the largest foreign direct investment in an urban development project in Egypt's modern history, has sparked criticism from some who believe the valuable coastal land should be developed by local investors. The project will include residential neighborhoods, tourist resorts, schools, universities, an industrial zone, a central financial and business district, an international marina, and an international airport. The deal is expected to alleviate Egypt's severe economic crisis, including record inflation and foreign currency shortages, and is seen as a step towards reaching a bailout deal with the International Monetary Fund.