Abu Dhabi is negotiating the purchase and development of a premium site on Egypt’s Mediterranean coast for $22 billion, the agency reported. Bloomberg He quotes sources familiar with the situation.
According to Hossam Heiba, head of Egypt’s General Authority for Investment and Free Zones, an agreement with the UAE consortium could be reached in the near future.
The 180 million m2 project is located 350 km northwest of Cairo. Egypt may temporarily retain a 20% stake, including developer Talaat Moustafa Group’s stake.
According to agency sources, the average cost of land on the Mediterranean coast is around 100-120 dollars per m2. Thus, while the minimum assessment of the region will be 18 billion dollars, it is not yet clear whether Abu Dhabi will pay this amount immediately or in installments.
In 2022, the UAE contributed $5 billion to the Egyptian central bank, and the ADQ fund acquired 18% of the Egyptian Commercial International Bank for $2 billion. Also last year, UAE companies invested in Egyptian oil and petrochemical assets.
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