2024-02-24 09:24:00
Foreign news agencies report from Cairo. Egypt on February 24 that Mr. Mostafa Madbouli, Prime Minister of Egypt, said that the government of the United Arab Emirates (UAE) is preparing to directly invest 35 billion US dollars in Egypt (approximately 1.25 trillion). baht) with the first investment of 15,000 million US dollars (approximately 538,950 million baht) occurring next week. The rest will be divided into investments within the next two months.
The UAE Wealth Fund provides additional information. that most of the investment will be focused on peninsula development projects; Ras-al-Hikma West of Alexandria which is the second largest city Located on the Sinai Peninsula. northern egypt There will be construction of both a hotel and an airport. to attract tourists
While the remaining amount will support important projects. which is currently operating throughout Egypt To jointly promote the development and economic growth of this country.
The UAE and Egypt agreed on a deal to develop premium land on the Mediterranean coast, with Abu Dhabi wealth fund ADQ saying it will lead a consortium that plans to invest $35 billion https://t.co/t6oktN3Ow4
— Bloomberg Middle East (@middleeast) February 23, 2024
The tourism industry is one of Egypt’s most important sources of income. Has been heavily affected by the COVID-19 pandemic crisis. As a result, the overall economy still has not fully recovered. and received additional friction. from the war in Ukraine and the Houthis’ attack on cargo ships in the Red Sea. Affects the income of the Suez Canal. This is because cargo ships avoid passing through.
Although the International Monetary Fund (IMF) is ready to provide a credit line of 3 billion US dollars (approximately 107,790 million baht), there are important conditions. that Egypt must strictly adhere to austerity measures and determination of exchange rates “That is more flexible,” which many parties in the country view as Randomly risk creating dissatisfaction among the people. and may escalate into protests.
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