Business

Egypt secures $35 billion investment deal from UAE as Nigeria keeps waiting

Egypt announced on Friday a monumental $35 billion investment deal with the United Arab Emirates (UAE) to develop the Ras El Hikma peninsula, signaling a new era of economic revitalization and foreign investment attraction that could serve as a model for Nigeria in its own forex and investment challenges.


This is also as Nigeria continues to await foreign investment from several countries including Arab countries.


According to Reuters, the agreement struck with ADQ, one of Abu Dhabi’s leading sovereign investment funds, marks a significant milestone for Egypt, promising to inject $35 billion into the country’s economy over the next two months, with projections reaching up to $150 billion.