Egypt and the United Arab Emirates (UAE) are cooperating to boost Egypt's economy. The UAE is investing $35bn in a plan to develop the Ras El Hikma peninsula on the Mediterranean coast. This project aims to turn the area into a bustling economic hub, with the potential to attract up to $150mn in total investments.
Prime Minister Mostafa Madbouly praised the agreement as a major step toward revitalizing Egypt's economy. The investment is expected to start soon, with $15bn coming in the next week and a total of $35bn over two months.
The plan is to build a modern city covering 170 square kilometers, which is about one-fifth the size of Abu Dhabi. It will include different areas for investment, technology, industry, entertainment, a marina, an airport, and places for tourism and living.
This massive project is expected to significantly boost the construction and building materials industry in Egypt, creating a surge in demand for materials like cement, steel, and glass. With extensive infrastructure development planned, local construction firms are poised to benefit from increased contracts and employment opportunities, leading to a positive ripple effect throughout the sector.
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