Why the UAE Is Pumping $35 Billion Into Egypt
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 16 March 2024
⏱️ 47 minutes
🧾️ Download transcript
Summary
The United Arab Emirates recently unveiled a stunning $35 billion investment in Egypt, snapping up development rights in an area on the Mediterranean coast. The announcement has since paved the way for Egypt to float its currency, easing a currency crisis that's been going on for years now and paving the way for an even bigger bailout from the IMF. But why exactly is the UAE pumping roughly 7% of its GDP into Egypt? What does the deal say about politics in the Middle East region? And what does it mean for the flow of petrodollars — the vast amount of money generated by the Gulf's oil income — in the global financial system? On this episode, we speak to Ziad Daoud, chief emerging markets economist at Bloomberg Economics and the co-author of a new Bloomberg News Big Take about the UAE's huge investment.
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| 1:05.0 | Podcasts, Radio News. Hello and I'm Joe Wiesenthall. |
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| 1:27.0 | Joe did you see the big headline coming out of Egypt recently? |
| 1:30.0 | Yeah, I was kind of blown away by it. |
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