Egypt announces $35 billion UAE investment on Mediterranean coast
Egypt said on Friday it had signed a deal with the United Arab Emirates to develop a prime stretch of its Mediterranean coast that would bring $35 billion of investments to the indebted country over the next two months.
The deal with ADQ, the smallest of Abu Dhabi's three main sovereign investment funds, is for the development of the Ras El Hekma peninsula and could eventually attract as much as $150 billion in investments, Egyptian Prime Minister Mostafa Madbouly told a press conference.
Such inflows would provide a huge boost to Egypt's crisis-stricken economy as it faces new pressures linked to the war in Gaza and seeks an expansion of its current IMF support programme.
The country has long struggled to attract large-scale foreign investment outside the hydrocarbons sector. In the financial year that ended in June 2023, net foreign direct investment stood at $10 billion.
Egypt's sovereign dollar bonds soared on Friday ahead of the announcement and continued their rally into the afternoon.