UAE Pledges $35 Billion Lifeline to Prop Up Egypt's Economy

UAE to invest $35 billion in Egypt, including $24 billion for Ras El-Hekma development and $11 billion in other real estate and projects
Deal expected to help Egypt manage its currency crisis and move forward with IMF bailout talks
Ras El-Hekma project will develop area on Mediterranean coast into a financial district, with goal of attracting $150 billion in investments
Egypt expects to get $24 billion in fresh liquidity from UAE, allowing it to unify official and black market currency exchange rates
Deal will deepen economic ties between Egypt and the UAE, a key backer of President El-Sisi