Egypt has planned to establish a massive megacity ‘Ras El-Hekma’ on its Mediterranean coast. This megacity will be equipped with all modern amenities. The project is expected to cost around 118 billion British pounds. Egypt has struck a deal with the United Arab Emirates (UAE) to realize its dream of the megacity.

The UAE will make a significant investment in this project, which is the largest foreign investment in the country’s history. It is believed that this will be similar to Saudi Arabia’s NEOM city, which is Mohammed bin Salman’s dream project. Egypt’s project could compete with NEOM in attracting foreign investment and tourism in the future.

Egypt will retain a 35 percent stake under the agreement. Additionally, it will receive an initial investment of 27 billion pounds ($35 billion) from the UAE. Egypt’s Prime Minister Mostafa Madbouly has called it a model for future investment partnerships. He estimated that the total investment in the project could reach 118 billion pounds ($150 billion). This deal comes at a time when Egypt is grappling with a severe economic crisis, rising debt, and a shortage of foreign currency.

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