Egypt Enters Talks with Foreign Firms to Develop Ras El-Hikma ...Egypt

Egypt initiated talks with international corporations and funds to finalise a plan for the development of Ras El-Hikma City on the country’s North Coast, as reported by AlQahera News on 1 February, citing an undisclosed source. The news comes in light of recent rumours that reported the Egyptian government is due to finalise a USD 22 billion (EGP 678 billion) sale of Ras El-Hikma – sparking outrage over social media. The speculation came in light of the country’s ongoing foreign currency crisis, which peaked at EGP 70 per USD in the black market last week – losing more than half its value in one year and exacerbating inflation. An anonymous government official denied any land sale allegation

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