Market News
Egypt plans desert city supplied with diverted Nile water - REUTERS
CAIRO, June 1 (Reuters) - Egypt unveiled plans on Sunday to build a desert city that will see about 7% of Egypt's annual Nile River quota rerouted from fertile delta land to pass by upscale glass-fronted housing units and eventually a large agricultural project.
Egypt, facing mounting water shortages, power constraints, and a deepening economic crisis, wants the development to help increase the value of state assets and boost land prices through "non-traditional, innovative ideas," Prime Minister Mostafa Madbouly said in a statement announcing the project.
