Ras al-Hekma deal signed by Egypt and UAE worth $35bn

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Ras al-Hekma deal signed by Egypt and UAE worth $35bn, ‘The Ras al-Hekma peninsula west of Alexandria, which was formerly part of the Ras al-Hekma peninsula, will be developed as part of an economic partnership agreement between Egypt and the United Arab Emirates worth $35 billion, reported Al Arabiya on Friday.

The Egyptian Prime Minister, Mustafa Madbouly, said at a press conference on Friday that $150 billion would be generated from the project.

During the meeting, he explained that the UAE plans to invest $35 billion through foreign direct investment in Egypt within the next two months. 

Moreover, according to Madbouly, this investment will “contribute to resolving” the hard currency shortage that has threatened Egypt’s ability to pay off its large foreign debt and will also allow the country to end the separate exchange rates for the Egyptian pound on the official and black market.

ADQ, the Emirati sovereign wealth fund, announced earlier this week that it will invest $24 billion in the development of the Ras al-Hekma area west of Alexandria along the Mediterranean coast as part of the investment.

It has been reported that the remaining $11 billion will be allocated to “deposits that will be used for the investment of prime projects across Egypt for the support and development of the Egyptian economy.”. 

It is anticipated that a first tranche of $15 billion will be injected over the course of the next week, followed by a second tranche of $20 billion over the course of the following two months under the deal signed between the two governments.

It is anticipated that the Ras al-Hekma project will result in the construction of an integrated resort city with an international airport managed by the UAE as part of the project.

Timenews provided us with that news.

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