Abu Dhabi has agreed to invest $35bn in a large development site on Egypt’s northwestern Mediterranean coast in a move that could ease a financial crisis in the country of around 110mn people.
The investment by state investment vehicle ADQ, which aims to build a tourism and financial centre in the Ras al-Hekma area, is central to unlocking a long-stalled agreement with the IMF for a loan package expected to top $10bn, analysts said.
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