Egypt receives $14bn from UAE to develop Ras Al Hekma

Egypt has received a $14 billion payment from the United Arab Emirates for the development of its coastal city Ras Al Hekma to boost its economy.

This marks the second payment from the UAE as part of a whopping $35 billion deal between the countries, signed in February, for the development of the coastal city, The National reported.

The Egyptian coastal city, about 350km north-west of Cairo, covers an expanse of over 40,600 acres and will feature a several residential districts, prestigious international hotels, and mesmerising tourist resorts.

The development plan includes entertainment venues, hospitals, educational institutions and world-class universities that will leave visitors captivated.

The development is also expected to attract more foreign direct investment, boost trade, create new jobs and support Egypt's private sector.

Additionally, the city will have free economic zones dedicated to information technology industries, to bring forward and develop groundbreaking ideas.

The deal is also about creating a hub that will shape the future of North Coast and Egypt.

The agreement makes Ras El Hekma a great spot for investors looking to capitalise on a growing market as Egyptian Prime Minister Mostafa Madbouly had said in February that the project is expected to attract as much as $150 billion in investments.