The United Arab Emirates (UAE) is in talks to buy and develop $22 billion worth of premium land on Egypt's Mediterranean coast.

Axar.az reports that "Bloomberg" published information about this.

According to information, Egypt will be able to retain ownership of approximately 20% of the total area of 180 million square meters:

"Besides, there will be shares of some state enterprises and Talaat Moustafa Group, one of the largest developer companies in Egypt. Negotiations are ongoing, the final decision has not been made yet."

Hossam Heyba, director general of Egypt's Directorate General for Investments and Free Zones, said the estimate was $22 billion. According to him, the project will be agreed upon shortly.