RUB/USD 0,0111
BRL/USD 0,1924
INR/USD 0,1199
CNY/USD 0,1377
ZAR/USD 0,5348
Moscow 25 °C
Brazilia 15 °C
New Delhi 36 °C
Beijing 27 °C
Pretoria 14 °C
Cairo 25 °C
Tehran 32 °C
Abu Dhabi 30 °C
Иконка с часами 14 minutes 2 sec.
Ambassador of Ethiopia to Russia Uriat Cham Ugala/ “Joining BRICS is a growth opportunity for Ethiopia”
Иконка с часами 20 minutes 11 sec.
Douw Vermaak/ «Relations between Russia and South Africa are getting stronger»
Иконка с часами 8 minutes 22 sec.
Anthony Phiri, Harare Institute of Technology/"The world needs to work together to reduce greenhouse gas emissions"
27.05.2416:16 Sport
TV BRICS International Media Network to support development of BRICS Marathon League
23.05.2411:18 Economics
TV BRICS to bring together media managers from BRICS+ countries at International IT Forum in Russia
17.05.2413:30 Society
TV BRICS International Media Network is presented in Xiamen, China
Египет Объединенные Арабские Эмираты
27.02.24 10:30

UAE to invest US$35bn to develop Egypt's Ras Al Hekma coastal zone

Egypt's Prime Minister called it the largest foreign direct investment in history

Egypt and the United Arab Emirates (UAE) have signed an agreement to develop an Egyptian coastal area to promote tourism and investment. This is reported by Daily News Egypt, a partner of TV BRICS. The UAE will invest US$35bn over two months in Ras Al Hekma, a coastal area located about 350 kilometres northwest of Cairo.

The agreement was signed by Egyptian Minister of Housing Assem el-Gazar and UAE Investment Minister Mohammed Hassan Al Suwaidi.

Egyptian Prime Minister Mostafa Madbouly, who attended the signing ceremony, said the project will be implemented by Egypt's New Urban Communities Authority together with an Emirati company and will attract billions of dollars of foreign direct investment into the economy within two months.

"This is the largest amount of foreign direct investment in the country's history," he said, adding that the deal was the beginning of a cycle of several investment agreements that the government has been working on to boost foreign exchange inflows.

The project is expected to attract up to US$150 billion in investment during the development phase, helping to create "millions" of jobs and inject liquidity into the Egyptian economy.

Photo: IStock
and to the point
Once a week we will cover news in the BRICS countries
By clicking on the "Subscribe" button, you agree to the processing of personal data


29.05.2417:12 Tourism
93 countries and territories to be allowed entering Thailand without visas
29.05.2409:05 Tourism
Russia seeks to organise direct flights from the North Caucasus to Iran
28.05.2414:17 Tourism
Brazil and Saudi Arabia to sign law regarding visas
27.05.2415:35 Tourism
Niteroi is included in Brazil's tourist map
27.05.2411:45 Tourism
Iran proposes to introduce visa-free regime for SCO member states
24.05.2411:18 Tourism
South Africa is ranked first among African countries in Travel and Tourism Development Index 2024
and to the point
Once a week we will cover news in the BRICS countries
By clicking on the "Subscribe" button, you agree to the processing of personal data