In a landmark deal, Egypt has announced a staggering $35 billion investment from the United Arab Emirates. The agreement, centered on the development of Egypt’s Ras El Hekma peninsula, marks a significant shift in regional dynamics and promises a considerable uplift for Egypt’s struggling economy.

Through its sovereign investment fund ADQ, the deal will focus on developing Egypt’s strategic northwestern coast area along the Mediterranean Sea. This project, envisioned as a “next generation city,” aims to encompass technology and light industry sectors, amusement parks, a marina, an airport, and residential developments, with the Egyptian government retaining a 35% stake.