After weeks of speculation, Egypt’s General Authority for Investment and Freezone (GAFI) has confirmed the country’s $22 billion Ras El Hikma development has been awarded to a UAE consortium.

GAFI head Hossam Heiba confirmed to CNBC Arabia that the country’s North Coast development will be handled by an “Emirati consortium”, without naming them.

Heiba also told CNBC Arabia that Egypt government is in the process of signing contracts with the UAE consortium, adding that the consortium would be responsible for lining up and mobilising financing before developing and managing the project.

Ras El Hikma is a new waterfront urban tourism destination coming up as a part of the Egypt’s North Coast development project.

The news comes days after the International Monetary Fund said it had agreed with Egypt on the key policy components of an economic reform programme, in a further sign that a final deal to augment the country’s $3 billion loan is nearing completion.

(Writing by Bindu Rai, editing by Seban Scaria)