Hossam Heiba, head of Egypt’s General Authority for Investment and Freezones (GAFI), says an “Emirati consortium” is set to sign a $22bn contract to transform the Mediterranean town of Ras Al-Hekma into a global tourist destination.

“We received offers from several international investment consortia, and we chose the Emirati consortium to develop the project,” he told CNBC Arabia on 7 February, adding that total investment could ultimately top $22bn. (CONTINUED - 137 WORDS)