Egypt Latest News: The Egyptian government, which is struggling with economic poverty, is having to sell its major cities one by one. In this series, Egyptian President Abdel Fattah Al Sisi has also sold his main city ‘Ras Al Hikma’, which is called heaven on earth. This historical city of Egypt has not been bought by any other country but by a Muslim country. The name of this country is UAE. UAE has purchased ‘Ras Al Hikma’ by spending an amount of 35 billion dollars.
‘Ras Al Hikma’ is situated on the sea shore.
‘Ras Al Hikma’ is a very beautiful city situated on the sea shore. However, this city was forced to be sold to Egypt. ‘Ras Al Hikma’ is also famous as a favorite place of tourists.
If media reports are to be believed, after buying this city by Egypt, UAE is going to start work on many projects here soon. An investment plan of about 150 billion dollars has been made here by UAE.
Egypt also has 35 percent stake in this mega project. If this plan is successful, it will be the largest foreign investment in the history of Egypt. Apart from UAE, Saudi Arabia and Qatar have also shown interest in purchasing many Egyptian cities.
Egypt is taking this step out of compulsion
The current economic situation of Egypt is very pathetic. This is the reason why it is being forced to sell its major cities. The present government is not even getting loans from other countries. Recently, Egypt had requested for loans from countries like Saudi Arabia and UAE, but it was disappointed by both these countries.
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