Cairo, dt. 18 February 2024

The Government of Egypt, which is heading for financial bankruptcy, first made a deal to sell an entire city and now it has also sold the country's historic hotels.

Egypt's economy is in dire straits. As the country struggles to earn foreign exchange, the Egyptian government has decided to sell 6 historic hotels. This amount will be used to increase Egypt's foreign exchange. UAE tycoons have bid to buy hotels. These hotels are located in the capital Cairo and other major cities.

Egypt has been on a rampage of selling off government assets for the past few years. Most of the properties are being bought by the rich of the UAE. A government building in the capital Cairo has been sold for $200 million.

Recently, there were reports that the government has also bought a beautiful city on the coast of Egypt for 22 billion dollars. About which there was a lot of uproar in the country.

Egypt wants to pay off its debt at any cost. So that you can avoid getting bankrupt. After Argentina, Egypt is the largest debtor to the IMF. On the other hand, the government is also in talks with the IMF for a bailout package.