Egypt receives second tranche of Ras al-Hikma deal worth $14 billion

Egypt receives second tranche of Ras al-Hikma deal worth $14 billion

Egypt has received the second installment of the Ras al-Hikma deal from the UAE, worth $14 billion (LE655.7 billion), boosting the country’s dollar resources which recently suffered from a shortage of hard currency, Prime Minister Mostafa Madbouly announced on Thursday.

The nation’s foreign currency availability has improved after Egypt signed an agreement with the UAE in February, under which ADQ (the holding company) acquired the development rights for the Ras al-Hikma project for $24 billion to develop the area, in addition to converting $11 billion of UAE deposits with the Central Bank of Egypt into investments in major projects.

Egypt’s treasury has already received $10 billion in Emirati funds.

Madbouly, during his chairmanship of Thursday’s weekly meeting of the Egyptian Cabinet in the New Administrative Capital, noted that cooperation with the UAE side has begun regarding the procedures for waiving the value of an Emirati dollar deposit worth six billion dollars.

Thus its value will be converted into its equivalent in Egyptian pounds, in accordance with what was agreed upon in the investment partnership agreement for the development of the Ras al-Hikma City between both countries.

In a statement issued on Wednesday, Madbouly stated that he is in constant contact with the governor of the