Posted 3/2/2024, 6:09:09 AM
UAE Pledges $35 Billion for Egypt Mega-Project, Raising Questions
- UAE investing $35 billion into Egypt, mainly for a construction project near Alexandria. Biggest such investment in Egypt's history.
- Deal helps Egypt meet IMF bailout conditions and stabilize economy.
- Critics say fancy resorts won't fix deeper economic issues or help displaced residents.
- Gulf states have long history of "bailout diplomacy" with Egypt. Now getting stakes in privatized assets.
- Latest deals not fully transparent yet. Unclear if full amounts will actually be invested.
