Abu Dhabi in Talks to Develop $22 Billion Egypt Beach Strip
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Mirette Magdy
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Bloomberg.com
Abu Dhabi is in advanced talks to buy and develop premium land on Egypt’s Mediterranean coast, a potential multi-billion-dollar deal that could boost the North African nation’s troubled economy and help alleviate its foreign exchange crisis.

An Egyptian official on Wednesday said a United Arab Emirates consortium had been selected to work with local partners to develop Ras El-Hekma, an area about 350 kilometers (217 miles) northwest of Cairo.