Egypt is undergoing a grave financial crisis. As a way to ease its untenable situation, it sold off Ras El-Hikma area, located approximately 350 kilometers north-west of the capital, Cairo, to the UAE for $22 billion.
This unusual move may be followed by another that is even more surprising. It is now considering selling the city of Alexandria to Türkiye, which has been searching for a center for shipping and supply to Africa for many years.
To some, this may sound like an unthinkable move, as arguably Alexandria is the jewel in the crown of Egyptian cities, the richest in historical and cultural value. Founded by Alexander the Great, it was a beacon of civilization and culture in the ancient world. Its lighthouse, one of the seven wonders of the world. Its library was not only the greatest repository of knowledge, but also a center for research and hosted some of the greatest scholars of the ancient world. Here Callimachus created the first library catalog ever; Eratosthenes of Cyrene calculated the circumference of the Earth with astounding accuracy; and many Greek and Roman works and texts used by scholars today were produced at Alexandria.
The ties between Egypt and Turks have always been strong, in particular during the era of the Ottoman Empire. Alexandria’s deep historical and cultural ties with Türkiye make such a sale entirely plausible.
In addition to strengthening historical and cultural relations between the two countries, such a sale or lease would provide economic benefits for both parties. Leasing Alexandria could contribute to making it Türkiye’s gateway to Africa, through the establishment of a new commercial and logistical center between the two countries, benefiting not only them, but extending to other countries in Africa.
A deal between the two nations would take advantage of their respective strengths: Alexandria’s strategic location with its potential for logistics services and supply chain management, and Türkiye’s experience and infrastructure in this field.
If Egypt leases Alexandria to Türkiye, it will provides Egypt with an economic salvation while at the same time strengthening cultural and diplomatic ties, potentially reinvigorating regional trade, creating new job opportunities not only for the two countries but possibly for their respective continents.
