Egypt, UAE agree to invest US$ 150 billion into Ras al-Hikma project

Egypt, UAE agree to invest US$ 150 billion into Ras al-Hikma project

Egyptian Prime Minister Mostafa Madbouly on Friday revealed further details regarding the Ras al-Hikma development project, done in partnership between Egypt and the UAE.

Madbouly said that the project will cover two stages. The first stage involves Emirati investments worth $35 billion that will enter the state within two months, of which the first installment is $15 billion, then $20 billion.

The second stage will see the state earn 35 percent of the project’s profits.

He explained that “Otherwise, the UAE side expects to pump no less than $150 billion throughout the duration of the project’s implementation. Thus, in addition to the urgent financial component estimated at $35 billion, the state will have no less than $150 billion in Emirati investments throughout the project’s implementation period.”

According to the financial agreement, Madbouly said that the first batch, estimated at $15 billion, will be divided into $10 billion in cash liquidity, and five billion in waiver of the UAE’s deposits in the Central Bank of Egypt.

The second batch, estimated at $20 billion, will be divided into $14 billion in cash liquidity, and six billion in deposits, thus Egypt’s external debt will decrease by $11 billion, Madbouly said.

Madbouly’s remarks came during a press conference in the