Abu Dhabi is currently in advanced talks to buy and develop Ras El-Hekma land in Egypt’s North Coast, Bloomberg reported.

Some Egyptian state-run entities, along with Talaat Moustafa Group (TMG), could retain around a 20% stake in the 180-million-square-meter land, sources familiar with the matter told Bloomberg.

On February 8th, the General Authority for Investment and Free Zones’s (GAFI) Chairman Hossam Heiba announced that the authority settled on an Emirati consortium to carry out the Ras El Hekma tourist project in North Coast.

Heiba pointed out that the authority had received several offers from international consortia before deciding upon the Emirati one.

The project’s initial investments could surpass $22 billion, he added, pointing out that the investments would not be pumped in one tranche.

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