Abu Dhabi in Talks to Develop $22 Billion Egypt Beach Strip
- Egyptian entities may have 20% stake in the North Coast land
- Agreement would be boon for the country’s troubled economy
Abu Dhabi is in advanced talks to buy and develop premium land on Egypt’s Mediterranean coast, a potential multi-billion-dollar deal that could boost the North African nation’s troubled economy and help alleviate its foreign exchange crisis.
An Egyptian official on Wednesday said a United Arab Emirates consortium had been selected to work with local partners to develop Ras El-Hekma, an area about 350 kilometers (217 miles) northwest of Cairo.