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BRICS SIGNS DEVELOPMENT DEAL BETWEEN EGYPT AND THE UNITED ARAB EMERATES
A new development deal has been signed between the United Arab Emirates and Egypt in a partnership which will see Egypt inject $35 Billion for the UAE to develop the Egyptian town of Ras el-Hekma on the country's northern Mediterranean coast.
BRICS countries have been forging several new partnerships, with the latest deal expected to see Egypt shelling out $15 Billion in next week, and another $20 Billion over the next two months, to see the UAE develop the Egyptian town of Ras el-Hekma to International standards equivalent to what the UAE has used to develop several cities in its own territory.
BRICS supporters are hailing the new deal as a sea-change, expected to usher in a new era of bilateral trade and development projects using local currencies, which they say could see the US Dollar's trade dominance and status as the world's reserve currency to diminish in the coming years.
The new development project will see the UAE develop Egypt's coastal town of Ras el-Hekma to the same standards the UAE has used on its own cities, which is expected to change the way the town looks and operates under over the coming years.
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