Abu Dhabi set to develop $22bn project in Egypt

Abu Dhabi set to develop $22bn project in Egypt

Abu Dhabi is in advanced talks with the Egyptian government to buy and develop premium land on Egypt’s Mediterranean coast in a potential multi-billion-dollar deal, according to a media report. A UAE consortium has been selected to work with local partners to develop Ras El-Hekma, an area 350 km northwest of Cairo, Bloomberg reported, citing […]Abu Dhabi is in advanced talks with the Egyptian government to buy and develop premium land on Egypt’s Mediterranean coast in a potential multi-billion-dollar deal, according to a media report.

A UAE consortium has been selected to work with local partners to develop Ras El-Hekma, an area 350 km northwest of Cairo, Bloomberg reported, citing an Egyptian official.

The initial estimate for the total project is $22 billion and an agreement is expected soon, the state-owned General Authority for Investment and Free Zones CEO Hossam Heiba told CNBC Arabia.

Details of the project and consortium member names were not disclosed.

Earlier this month, International Monetary Fund managing director Kristalina Georgieva said the lender is “very close” to finalising a new financial package.

Egypt’s government confirmed on Thursday that a committee is studying investment offers for major projects.

The UAE in 2022 deposited $5 billion in Egypt’s central bank, while Abu Dhabi