Revolut makes Middle East entry with UAE approval
This week’s newsletter looks at Egypt’s $18 billion Gulf-backed tourism project, Revolut’s entry into the Middle East via the UAE, and a new India-Israel investment pact, alongside fresh moves in the Gulf’s AI race.
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Egypt signed a massive foreign investment deal with Emirati and Saudi firms this week to develop a tourist resort on the North African country’s Red Sea coast. It is a welcome boost to Egypt, which has been trying to shore up foreign investment as it recovers from its worst economic crisis in decades. The United Arab Emirates has also been in the news for other reasons, including becoming UK fintech Revolut’s first market in the Middle East and unleashing a powerful new AI model to solve math and logic problems.
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