A consortium comprising of multiple government bodies from the emirate of Abu Dhabi is currently in discussions to acquire a substantial land parcel, spanning 22 square kilometers, from Egypt. This vast expanse of land is situated within the Ras al-Hekma region along the scenic Mediterranean coast.
As per the report by Bloomberg, this potential land acquisition deal is projected to come with a hefty price tag of $22 billion. This essentially translates to a staggering $1 billion for each square kilometer of land. The consortium has ambitious plans for this land parcel, with the intention to foster both resort and business ventures in the acquired territory. However, it’s worth noting that analysts haven’t dismissed the possibility of the United Arab Emirates (UAE) utilizing this territory for military purposes.
Regardless of the prospective land use, this influx of foreign capital represents a much-needed lifeline for Cairo, which is currently grappling with a challenging economic climate. This tense situation has been exacerbated in recent months due to the actions of the Yemeni Houthi rebel group.