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Egypt expects a mega investment deal finalized with the UAE on Friday to bring in at least 8 million tourists and help tackle the country’s persistent hard currency deficit.
In statements published on Tuesday, Tourism and Aviation Committee Undersecretary Ahmed El-Tayebi said the partnership agreement to develop Ras al-Hekma peninsula west of Alexandria is the largest foreign investment deal in Egypt’s history.
Tayebi, a member of parliament, said ADQ, the Abu Dhabi-based investment and holding company, will lead a consortium investing $35 billion in the project, adding that $15 billion would be pumped within a week and $20 billion after two months.
He said the deal would largely support a long-term government plan to boost tourism revenues from around $14 billion annually to $40 billion in 2052.
“Egypt will get nearly 35 percent of the project’s operating profits…we also expect the project to bring in at least 8 million tourists,” he said.
“This will allow us to achieve the targeted 40-50 million tourists annually…this will also help Egypt in tackling a deficit in hard currency.”
Taibi said the project involves residential and tourism communities, a green smart town, hotels, resorts, a marina, universities, hospitals, financial centres and an airport.
Read more: Ras El-Hekma deal to boost Egyptian pound to 45/$ by end-2024
(Writing by Nadim Kawach; Editing by Anoop Menon)
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