Egypt's Sale of Mediterranean Resort Real Estate and IMF Support Package

SOURCE www.breitbart.com
Egypt plans to balance its national budget by selling Mediterranean resort real estate to Abu Dhabi and receiving a support package from the IMF, despite the loss of Suez Canal revenue due to attacks by Iran-backed Houthi terrorists. The $24 billion Ras al-Hikma deal will play a significant role in boosting the economy.

Key Points

  • Ras al-Hikma deal is the largest land sale in Egypt's history
  • Proceeds from the sale will significantly strengthen the Egyptian pound
  • Import of food is expected to become cheaper before Ramadan
  • Loss of Suez Canal income due to Red Sea attacks by Houthis impacting the economy
  • Egypt's response to currency shortages included crackdown on black market trading

Pros

  • Sale of Ras al-Hikma real estate to Abu Dhabi for $24 billion will balance national budget
  • IMF's $20 billion support package will further strengthen the economy
  • Influx of foreign currency will improve currency exchange rates and make imports smoother

Cons

  • Loss of Suez Canal revenue due to attacks by Iran-backed Houthi terrorists
  • Concerns about fair compensation for Bedouin tribal residents losing their homes