Ras El-Hekma project adds EGP 179bn to Egypt’s treasury

Ras El-Hekma project adds EGP 179bn to Egypt’s treasury

Mubasher: Egypt recorded a primary surplus of EGP 416 billion at a rate of 3% of the gross domestic product (GDP) during the July 2023-March 2024 period.

Mohamed Maait, Egypt's Finance Minister, highlighted that the surplus was compared to EGP 50 million at a rate of 0.50% in the same period of the last fiscal year, according to an official statement.

Maait added that a total of EGP 179 billion were transferred to the state treasury from the Ras El-Hekma City Development project, amounting to 1.30% of the GDP.

Furthermore, the minister indicated that the total value of the state’s public revenues during the past nine months rose to EGP 1.45 trillion, with a growth rate of 57.10% and by 38% without taking into account what went to the treasury from the Ras El Hekma project.

Last February, Abu Dhabi-based investment and holding firm ADQ unveiled plans to acquire the development rights for Ras El-Hekma in exchange for $24 billion.

Ras El-Hekma project adds EGP 179bn to Egypt’s treasury