CAIRO - 29 February 2024: Prime Minister Mostafa Madbouly confirmed on Thursday that Egypt received $5 billion from the first installment of the investment partnership deal with the United Arab Emirates to develop Ras El Hikma with another $5 billion expected to arrive on Friday.
This news comes as a boost to Egypt's economic reforms and showcases the attractiveness of the country's investment climate. Madbouly added that measures will be taken to convert $5 billion from the United Arab Emirates (UAE) deposit to Egyptian pounds (EGP).
Madbouly announced that a special ministerial committee will be formed to ensure the smooth implementation of the Ras El Hikma project and fulfill Egypt's commitments. This committee will work towards facilitating procedures and overcoming any obstacles that may arise during the course of the project.
Prime Minister Madbouly stressed that the Ras El Hikma project is an economicinvestment partnership that does not contain any clauses that would compromise Egypt's sovereignty. Emphasizing the significance of this venture, he stated that Ras El Hikma marks the beginning of Egypt's economic reforms, and the government remains committed to rationalizing investment spending.
Furthermore, it was announced that the Egyptian Public Business Sector Ministry will receive $520 million today from the hotels deal. These investments in the signed projects are expected to contribute to an influx of foreign currency and create job opportunities for the Egyptian workforce.
Prime Minister Madbouly underscored that these major investments not only demonstrate the attractiveness of Egypt's investment climate but also enhance confidence in the country's national economy.
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