Egypt announces massive $35 billion deal with UAE to buy premium Mediterranean area

Egypt has agreed $35 billion investments from the United Arab Emirates to develop the Ras el-Hekma town in the North Coast, Prime Minister Mostafa Madbouly announced on Friday after weeks of speculations. Madbouly said at a press conference that Egypt will receive an advance amount of $15 billion in the coming week, and another $20 billion within two months. The prime minister announced the project at a press conference held at the new administrative capital, in the presence of Emirati and Egyptian officials. The deal is the largest foreign direct...