Its a smart development strategy: create a free-market, rule-of-law, Hong Kong or Singapore-style city - outside of the bloat, dysfunctional politics, and corruption of Egyptian government and society. Attract investment, attract technology, set better commercial and living standards for one’s nation.
its exactly what Deng Xiao Ping did in China when he set up China’s first “free trade zones.”
We could actually use such a concept in the USA also - for example, in health-care.
it would be a big tourist city for european and middle eastern tourists. uae seems to know how to do it.
Given the food security issues raised in Egypt by the Ukraine war, it makes sense to get some foreign exchange so they can compete in the food buying market. Egypt is very low on foreign money. They have converted their wheat production to the more profitable citrus production. Even if they went back to producing wheat, they couldn’t begin to feed their population. It’s a good move.
For $35 billion, of course (what a silly question!).
The better question is why is UAE willing to spend $35 billion to get it. The simple answer is it's the same reason as they're investing in attracting tourists (with world-class shopping, race tracks, art museums, etc) and inserting themselves into the infrastructure of international trade.
Because they know the oil isn't going to last forever. And they're building a new economy now while the have a surplus of petro-dollars to spend on it that will allow them to survive and prosper when that day comes.
This is probably a similar scenario to what the last remnant of Christendom will be forced to do in the future thanks to the globohomo one-world scumbags that destroyed Western Civilization.