Allegations stir Egypt: Did the government sell the country's most beautiful coastline to the UAE?

According to the report, which Al-Arabiya claims is based on 'highly reliable sources,' the Sisi government will sign an agreement next week with a group of UAE investors to sell the town of Ras el-Hikma and transform it into a massive resort that will attract foreign tourists to the country.

The report suggests that the government, which is about to finalize a bailout package with the IMF that could expand to 10 billion dollars to end the country's foreign currency crisis, is selling the town of Ras el-Hikma as a development parallel to this agreement.

Following these agreements, the Egyptian pound is also expected to be devalued in Egypt.

In Egypt, the government had included the country's northwestern coasts, one of its most touristic regions, in an 'urban development project' planned to be completed by 2050. Many Egyptians are uneasy about the actions taken under this project.

According to the Middle East Eye report, investments and projects carried out by UAE investors in this region so far have had negative consequences for the area. A previous investment project conducted by the UAE in Sidi Abd El-Rahman, also located in the northwestern part of the country, caused turmoil in the country after experts reported that the project was damaging the region's fabric.

THE COUNTRY'S MOST BEAUTIFUL COASTLINES

The most important reason for the controversy over Ras el-Hikma is that this town is described as having the most beautiful coastlines in the country. With its white sandy beaches, the town is one of the most unique coasts of the Mediterranean and is a treasure that many Egyptians believe must be protected.

So much so that according to Hisham Sabry, who previously worked in the country's security bureaucracy, the town is 'paradise on earth.' The Middle East Eye report emphasizes that even those close to the government are criticizing the sale. Another comment included in the report is from filmmaker Amr Waked.

Regarding the potential sale, Waked commented, "Who gives the man called Abdel Fattah el-Sisi the right to sell Ras el-Hikma? Did he inherit it from his parents?"

Despite the Al-Arabiya report, according to Cairo24, which is known for its proximity to the state in Egypt, government sources stated that no such sales agreement has been made.

According to Cairo24, the government is planning a 20-year state-supported development project in Ras el-Hikma.

ECONOMIC CRISIS DEEPENS IN EGYPT

The economic crisis in Egypt, caused by a shortage of foreign currency, is deepening. It is commented that the operations of the Houthis in the Red Sea and the ongoing war in Gaza have increased the government's search for resources to solve the economic crisis.

With a population of 109 million, Egypt is among the most important countries in the Middle East. There are fears that the possibility of the economic crisis deepening will increase instability in the region.

IMF representatives stated that Egyptian officials have shown determination to finalize the agreement that will provide foreign currency to the country and that 'excellent progress' has been made in the negotiations.

The reform initiatives undertaken by the country to combat the increasingly deepening problem of the informal economy were welcomed very positively by IMF officials. IMF Managing Director Kristalina Georgieva stated that the parties are in the final stages of completing the agreement.

Despite denials from government officials, media outlets in Egypt continue to stand by their claims. Whether or not the town of Ras el-Hikma, which has caused serious debate in the country, has been sold will become clear in the coming weeks.

News Source: 12punto