'Heaven on Earth' sold for billions of dollars, what was the reason?

Have you ever heard that a country sold one of its cities to another country? No no, but it is happening. The beautiful country Egypt is facing a financial crisis these days, Egypt is selling cities one by one. One of these cities is Ras Al Hikma. This city is called heaven on earth. Ultimately Egypt had to transfer this very beautiful city to someone else and that country is the United Arab Emirates i.e. UAE.

This city was purchased by the UAE for roughly $35 billion from Egypt. UAE is currently getting ready to invest roughly $150 billion to establish a massive project here. Nevertheless, Egypt has a 35 per cent stake in this project and is also involved. Should this project succeed in this context, Egypt will benefit economically from it.

Egypt is currently experiencing extreme poverty. Egypt is currently on the verge of depleting its foreign exchange reserves and is not even receiving loans. This puts pressure on local businesses and the Egyptian pound. However, Egypt has managed to achieve this, and that is by offering its stunning cities for sale. Apart from this, many hotels and destination spots are also being sold. Major buyers in these places are countries like Egypt, UAE, and Saudi Arabia.

Not only Ras Al Hikma, but many other cities are also standing in the queue to be sold. Now Egypt is also going to sell its famous tourist destination Ras Gamila on the Red Sea, which Saudi Arabia will buy.

Ras Al Hikma area is situated on the sea coast, it has the world-famous mountain view. This is a luxury seaside resort. This city is included in the most beautiful cities in Egypt and the whole world. Egypt gets a lot of economic support from tourism here.