Abu Dhabi in Advanced Talks on $22 Billion Prime Egypt Land Deal - Bloomberg
Abu Dhabi is in advanced talks to buy and develop premium land on Egypt’s northern coast, a potential multi-billion-dollar deal that would boost the North African nation’s troubled economy and help alleviate its foreign exchange crisis.
An Egyptian official on Wednesday said the country had selected a United Arab Emirates consortium to work with local partners to develop Ras El-Hekma, an area on the Mediterranean about 350 kilometers (217 miles) northwest of Cairo.
In an interview with broadcaster CNBC Arabia, Hossam Heiba, the chief executive officer of the state-run General Authority for Investment and Free Zones, said the initial estimate for the total project was $22 billion and an agreement is expected soon. He didn’t provide further details, nor name any companies or entities involved.
People familiar with the talks told Bloomberg of the emirate of Abu Dhabi’s involvement and that Egypt may retain ownership of around 20% of the vast 180 million square-meter territory. This stake would include a share for the Talaat Moustafa Group, a real estate developer, and some Egyptian state entities, they said, asking not to be identified as the discussions are ongoing. No final decision has been taken.
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