Egypt receives US$ 10 billion from Ras al-Hikma deal

Egypt receives US$ 10 billion from Ras al-Hikma deal

Egyptian cabinet spokesperson Mohamed al-Hommosany announced that the government on Friday received another five billion dollars from the first installment of the Ras al-Hikma investment partnership deal with the UAE – thereby completing the first tranche worth a total of $10 billion.

Prime Minister Mostafa Madbouly announced during the cabinet meeting on Thursday that measures have been taken to coordinate between the Central Bank of Egypt and the UAE to transfer five billion dollars from the deposit into the Egyptian pound.

He assured that within two months, Egypt will receive the remaining amount announced to complete the $35 billion in direct investment entering the country from this deal, in addition to the 35 percent that the state will receive from the net profits of the project.

A ministerial committee will be formed, headed by the Prime Minister, specifically for the Ras al-Hikma development project, he added.

Its mission will be to facilitate procedures, overcome any obstacles, solve all problems, and coordinate with the aim of implementing Egypt’s commitments in this project.

Largest deal of its kind

Egypt earlier in February announced the largest major investment deal in partnership with the UAE, dubbed “Egypt and UAE, a Partnership for the Development of Ras al-Hikma.”

Madbouly said that the