Gulf rivalry on Egypt’s shores

Gulf money is extending its reach along Egypt’s coastlines—northwards on the Mediterranean Sea and eastwards on the Red Sea—amid an Emirati-Saudi-Qatari struggle to secure the largest share of a valuable prize. From Ras Al-Hikma to Alam Al-Rum, and from Marassi Red to Ras Gamila, Gulf states are pouring billions of dollars into investments in massive real estate and tourism projects along Egypt’s shores. Financial and economic experts are divided between supporters and opponents, but questions impose themselves: why is the direction of Gulf investment in Egypt turning towards real estate and tourism projects? What lies behind the Gulf competition for Egypt’s shores? And are there economic risks to the Egyptian economy as a result? Mega Projects The UAE took the […]