Egypt Seals Historic $35 Billion Development Deal with UAE

Via Middle East Eye Egypt has agreed to a $35 billion deal with the United Arab Emirates to develop the town of Ras el-Hekma town on its northwestern coast, Egyptian Prime Minister Mostafa Madbouly announced on Friday after weeks of speculations. Madbouly said at a news conference, which was attended by Egyptian and Emirati officials, that Egypt will receive an advance amount of $15bn in the coming week, and another $20bn within two months.  The deal is the largest foreign direct investment in an urban development project in the country's…