UAE invests $35bn in development of Egypt’s Mediterranean coast region

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Sat, 2024-02-24 00:49

LONDON: The UAE, represented by a private consortium led by ADQ, a sovereign investment fund based in Abu Dhabi, signed a landmark agreement with Egypt on Friday to invest $35 billion in Ras El-Hekma, a region on the Mediterranean coast 350 kilometers northwest of Cairo. It represents the single largest foreign direct investment in Egypt.

The UAE and Egypt signed a deal to develop a prime stretch of its Mediterranean coast. (WAM)
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