UAE Plans on Investing Billions into Egypt Amidst War on Gaza
The UAE is allegedly gearing to inject a staggering $35 billion in foreign direct investment into Egypt, as stated by the Egyptian Prime Minister Mostafa Madbouly.
$24 billion will reportedly go to the development of the Ras al-Hikma area west of Alexandria on the Mediterranean coast.
The remaining $11 billion would go towards “deposits that will be utilized for investment in prime projects across Egypt to support its economic growth and development,” according to sources.
Madbouly claimed that Ras al-Hikma will become a full and rich city that will include an airport and high-end resorts managed by the UAE.
The Egyptian economy, which predominantly relies on importation and military-like enterprises, has been hit dramatically in recent times, due to the pandemic which heavily impacted its tourism sector.
The US backed Ukraine war and recent pro-Palestine attacks by the Yemeni Armed Forces on the Red Sea are the other factors that have affected the Egyptian economy.
The Egyptian state, which is massively indebted after years of intense borrowing, including for the building of its new capital city in the desert east of Cairo, is struggling to grapple with its growing debt.
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