Record-Breaking Urban Development Deal: Egypt and UAE Team Up for $35 Billion Investment
The financial world was abuzz on Friday, as the BRICS bloc unveiled a groundbreaking new economic strategy. The latest addition to this formidable alliance, Egypt and the United Arab Emirates (UAE), have announced an unprecedented $35 billion investment in urban development for Egypt. This monumental agreement, revealed at a press conference attended by Egyptian Prime Minister Mostafa Madbouly and officials from both nations, marks the single largest foreign direct investment in Egypt’s urban development sector to date.
A New Era of Urban Development: Egypt Opens its Doors
The first installments of this transformative investment have already made their way into Egypt’s central bank, signaling the start of an exciting new era for the country. Egyptian President Abdel-Fattah El-Sisi expressed his gratitude for this clear show of support and assistance, which comes as Egypt prepares for a much-anticipated currency devaluation. This financial backing could potentially unlock international assistance exceeding $10 billion, bringing far-reaching impacts and ripple effects to Egypt’s economy.
UAE’s Commitment to Egypt’s Growth
The UAE’s wealth fund, ADQ, is set to take the lead in this massive undertaking. With a $24 billion investment in development rights for a prime area along Egypt’s Mediterranean coast, Ras El-Hekma, ADQ is demonstrating its commitment to Egypt’s growth. The remaining $11 billion will be allocated for additional real estate and prime projects, ensuring that the benefits of this partnership extend far beyond urban development alone.
BRICS’ Global Financial Ambitions: A New Digital Payment Platform
As the world watches this remarkable partnership between Egypt and the UAE unfold, it’s essential not to overlook the broader goals of the BRICS bloc. Russia, a key player within this powerful alliance, is proposing a series of financial initiatives aimed at reshaping the international monetary and global financial system as we know it. A central component of these proposals involves the creation of a new digital BRICS Bridge payment platform, which could significantly reduce the world’s reliance on the US Dollar.
Embracing De-Dollarization: The Power of the New BRICS Bridge Platform
Russia’s ambitious plan to de-dollarize the international monetary and financial system is gathering momentum. The proposed digital BRICS Bridge payment platform envisions a multisided option for settlements, eliminating the need for the US Dollar altogether. Russia is spearheading this movement towards de-dollarization and is actively courting the support of its BRICS partners to adopt the new digital platform. The Russian Finance Ministry and the Bank of Russia are currently drafting a comprehensive report outlining initiatives to improve the international monetary and financial system, with the potential for the BRICS Bridge platform to become a reality by year’s end.
