Egypt, UAE sign investment deal worth $150B

By Ahmed Asmar

ANKARA (AA) - Egypt and the United Arab Emirates on Friday signed an investment deal worth $150 billion to develop a resort city in northern Egypt.

According to Egyptian daily Al-Ahram, the investment project seeks to develop the Ras Al-Hekma area into a massive new urban, business and tourism center.

The agreement signing ceremony, attended by Egyptian Prime Minister Mostafa Madbouly, was signed by Egyptian Housing Minister Assem El-Gazzar and Emirati Investment Minister Mohamed Al-Suwaidi.

The project will be implemented by Egypt's New Urban Communities Authority and the UAE's Abu Dhabi Development Holding Company.

Madbouly said the project will pump $35 billion in foreign direct investment into Egypt's economy within two months, while Emirati investments throughout the project implementation will reach $150 billion.

The Egyptian premier added that upon completion of the project, it will attract 8 million tourists to Egypt, and an airport will be built south of the new resort city, with its revenues to be shared between both countries.