UAE invests $35bn in Egypt as largest foreign investment, boosting economy and political stability.
The UAE invested $35 billion in Egypt, the largest foreign investment in Egypt's history, aimed at strengthening the country's economy and political stability. The deal includes developing Ras El-Hekma, a Mediterranean coast location, into a global tourism hub. The investment coincided with Egypt's devaluation of the pound and the end of International Monetary Fund talks, which led to an $8 billion loan deal. This investment helps Egypt, a significant player during the 2011 uprisings, to avoid a major crisis in the Middle East.
March 16, 2024
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