Tuesday 10/June/2025 – 09:32 PM
Reuters quoted sources in investment banks that Egypt is in talks with Saudi Arabia, Qatar and Kuwait, in an attempt to attract large investments, after allocating a larger plot of land than the city of Ras Al -Hikma for the Ministry of Finance to reduce debt.
Allocating lands for the benefit of finance
The Official Gazette in Egypt stated today, Tuesday, that the state has allocated a plot of land owned by it in the Red Sea Governorate, which exceeds 174 km to the Ministry of Finance, for use in reducing public debt and issuing sovereign instruments.
The decision did not address how the land will be used, but Egypt, which faces a suffocating economic crisis, signed an agreement last year with the Emirates to develop a plot of land on the Mediterranean coast in a project, with a value of 35 billion dollars, according to which it sold 170 million square meters in the Ras Al -Hikma area.
Egypt has since been seeking to attract similar investments to overcome economic challenges.
Egyptian Finance Minister Ahmed Kajuk told Reuters in April that Egypt is planning to issue billion dollars in 2025.
The Ras Al -Hikma deal is an agreement between Egypt and the United Arab Emirates to develop a new city on the Mediterranean coast, and it is considered one of the largest investment projects in the history of Egypt.
Details of the head of wisdom
Space:
The city area reaches 170 million square meters, equivalent to more than 40 thousand acres.
Investments:
The total investment of the project was estimated at $ 150 billion.
The first batch:
Egypt received from the Emirates the first batch of the deal worth $ 5 billion in February 2024.
The second batch:
Egypt received the second batch of the deal worth $ 14 billion in May 2024.
the goal:
Developing a global city, of a tourist and economic nature, and providing global levels.
Partnership:
The UAE “ADQ” company will develop the project, with a contribution from the Egyptian side.
Benefit:
This deal is expected to contribute to increasing the cash reserve for Egypt, and the provision of hard currency, as it will contribute to the development of the region and increase job opportunities
