Egypt and the United Arab Emirates have struck a landmark investment partnership to develop the Ras al-Hekma (also al-Hikma) peninsula. The deal injects $35 billion of foreign direct investment into the struggling Egyptian economy, intended to bolster economic growth and address a hard currency crisis. Egyptian Prime Minister Mostafa Madbouly heralded the project as "one of the biggest deals of its kind." Addressing the currency crunch, he said, "this investment would contribute to resolving [it]". The crunch has hampered Egypt's ability to manage substantial foreign debt and navigate the gap between official and black market exchange rates. The UAE's sovereign wealt
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