UAE commits billions to build new city in Egypt

Egyptian Housing Minister Asim al-Ghazar and United Arab Emirates Investment Minister Muhammad Al-Suwaidi have signed the largest investment deal in Egyptian history.

The agreement outlines the construction of a new city on the Mediterranean coast, situated 200 kilometers west of Alexandria. Named Ras Al Hekma, this city aims to emerge as a pivotal tourist and commercial hub within Egypt.

The UAE has committed $35 billion to this ambitious project.

"The entire sum will be transferred within two months. This agreement will help alleviate the shortage of hard currency. Not only will the project reshape the coastline, but it will also transform Egypt as a whole," remarked Prime Minister Mostafa al-Madbouly.

In total, project leaders anticipate attracting $150 billion in investments. These funds will be allocated towards the development of business districts, hotels, recreational venues, an airport, and a yacht marina. The resort is projected to welcome 8 million tourists annually.