The United Arab Emirates has paid Egypt $14 billion to develop the beachfront city of Ras Al Hekma in order to strengthen Egypt’s economy.
According to The National, this is the second payment made by the UAE as part of a massive $35 billion agreement that was reached in February between the two nations for the development of the seaside city.
Situated around 350 miles to the northwest of Cairo, this coastal city in Egypt spans over 40,600 acres and is home to a number of residential neighborhoods, esteemed international hotels, and captivating tourism destinations.
World-class universities, entertainment centers, hospitals, and educational facilities are all part of the development plan, which is sure to enthrall tourists.
More foreign direct investment, increased commerce, the creation of new jobs, and support for Egypt’s private sector are all anticipated outcomes of the development.
In order to advance and create ground-breaking ideas, the city will also contain free economic zones devoted to the information technology industry.
The agreement also aims to establish a center that will influence Egypt’s and the North Coast’s futures.
The deal gives Ras El Hekma an excellent place for investors to profit from a developing market, as Egyptian Prime Minister Mostafa Madbouly stated in February that up to $150 billion in investments are anticipated for the project.
