10:45 - 12.02.2024

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February 12, Fineko/abc.az. Abu Dhabi is negotiating the purchase and development of premium land worth $22 billion on the Mediterranean coast of Egypt.

ABC.AZ reports, referring to to Bloomberg, that Egypt will be able to retain ownership of about 20% of the territory, the total area of which is 180 million sq m. Some state-owned enterprises and one of the largest development companies in Egypt, Talaat Moustafa Group, will have shares in a non-controlling stake. Negotiations are ongoing, and a final decision, according to sources, has not yet been made.

Hossam Heiba, Director General of the General Authority for Investments & Free Zones of Egypt, said in an interview for Arab TV channel CNBC Arabia that, according to preliminary data, the estimate is $22 billion. According to Heiba, the project will be agreed upon in the near future.