Egypt’s government is getting ready to talk about new plans that will help the country make a lot of money from other countries and also create many new jobs. The government said this on Thursday. They seem to be talking about a big development happening along the Mediterranean coast that could cost billions of dollars.
Hossam Heiba, who is in charge of investments for the government, said they picked a group from the United Arab Emirates to work on a project at Ras al-Hikma, which is about 200 kilometers away from Alexandria. This area is known for fancy tourist spots.
The project could end up costing more than $22 billion. Both the government and private companies from Egypt will be involved, Heiba explained on CNBC Arabia TV.
Egypt really needs money from other countries to pay back the big debts it owes. The International Monetary Fund (IMF) has been telling Egypt to sell some of its stuff, make room for businesses to grow, and let its money change value freely.
A team from the IMF visited Egypt last month to talk about a $3 billion loan deal that didn’t go as planned after it was signed in December 2022.
The news about the Ras al-Hikma project and another one nearby has made the stock prices of Emaar Misr and Talaat Moustafa Group go way up in the past week.
The government’s statement on Thursday said they hired a big law firm from abroad to help make the final agreements for the projects. These agreements will include all the money, legal, and technical details.
They’ll tell us more about these projects soon after they finish talking with the investors. The government says these projects will help Egyptian businesses and make the industry better again.