The deal is the largest foreign direct investment in an urban development project in the country’s modern history, the prime minister said. It is a partnership between the Egyptian government and an Emirati consortium led by ADQ, he said. News about the sale has triggered condemnation by critics of the government, who said the land is one of Egypt’s most valuable coastal locations and that it should be developed by local investors.

Commenting on the deal, Egyptian business tycoon Naguib Sawiris said it will contribute to resolving the current crisis by “attracting foreign currency, creating jobs and stabilizing the exchange rate.”

Egypt is currently in talks with the International Monetary Fund for a bailout deal that is expected to exceed $10bn. It is expected to be followed by currency devaluation to match black market rates – nearly double the official rate of 31 Egyptian pounds to the US dollar.  Foreign debt has quadrupled, reaching $164bn, over President Abdelfattah el-Sisi’s almost 10-year presidency. Debt servicing is currently consuming most of the state’s annual expenditures.

https://www.zerohedge.com/geopolitical/egypt-announces-35bn-deal-uae-buy-premium-mediterranean-area