Egypt to get second part of UAE $35bn deal in coming weeks

Egypt to get second part of UAE $35bn deal in coming weeks

Egypt will receive the second tranche of payments from the UAE in the coming months, Prime Minister Mustafa Madbouly has said.  Cairo has received $10 billion as part of the $35 billion deal struck with the UAE sovereign fund ADQ and has converted $11 billion from deposits from the Gulf state at the central bank, […]Egypt will receive the second tranche of payments from the UAE in the coming months, Prime Minister Mustafa Madbouly has said. 

Cairo has received $10 billion as part of the $35 billion deal struck with the UAE sovereign fund ADQ and has converted $11 billion from deposits from the Gulf state at the central bank, Egypt Today newspaper said, citing a cabinet statement.

The value of the second tranche set to be received in coming week was not given.

Madbouly said his government ministries are working on fulfilling the multiple commitments for the development project at the Ras El-Hekma. 

In February, Egypt signed a deal with ADQ to build the “largest new city” in Egypt to promote tourism and drive economic growth.

The Abu Dhabi state-owned company will acquire the development rights for Ras El-Hekma to develop the region as a Mediterranean holiday destination, including a free zone.

The Egyptian government will