'Heaven on Earth' gets sold for Rs 1243893, know the name of the buyer
Egypt is amidst an economic crunch forcing it to sell major cities of the country one by one.
Egypt is amidst an economic crunch forcing it to sell major cities of the country one by one. In this series, Egyptian President Abdel Fattah Al Sisi also sold his main city 'Ras Al Hikma', heaven on earth. This city was valued at Rs 290241 crore. United Arab Emirates (UAE) is now the new owner of the Egyptian city.
'Ras Al Hikma' is a very beautiful city situated on the seashore. However, Egypt has sold this city under compulsion. 'Ras Al Hikma' is also famous as a favourite place of tourists. According to media reports, UAE will soon start work on many projects after purchasing this Egyptian city.
A plan has been made by the UAE to invest about Rs 1243893 crore in Ras Al Hikma. Egypt also has a 35 percent stake in this mega project. If this plan is successful, it will be the largest foreign investment in the history of Egypt. Apart from the UAE, Saudi Arabia and Qatar have also shown interest in purchasing many Egyptian cities.
The economic situation of Egypt is very pathetic at present. This is the reason why he is being forced to sell major cities. The present government is not even getting loans from other countries. Recently, Egypt had requested loans from countries like Saudi Arabia and the UAE, but it was disappointed by both these countries.