Egypt receives $5 bln as final installment of 1st tranche of Ras El Hekma deal: Cabinet

CAIRO – 1 March 2024: Egypt received $5 billion on Friday as the final installment of the first tranche of the Ras El Hekma deal with the United Arab Emirates, as announced by the Egyptian Cabinet in a statement.

Prime Minister Mostafa Madbouly confirmed on Thursday that Egypt had received $5 billion as part of the initial installment of the investment partnership agreement with the United Arab Emirates aimed at developing Ras El Hikma.

This development serves as a significant boost to Egypt's economic reforms and underscores the appeal of the country's investment environment. Madbouly also disclosed plans to convert $5 billion from the United Arab Emirates (UAE) deposit into Egyptian pounds (EGP).

Madbouly further announced the establishment of a dedicated ministerial committee to oversee the seamless implementation of the Ras El Hikma project and ensure Egypt's obligations are met. This committee will focus on streamlining procedures and addressing any challenges that may arise throughout the project's duration.

Emphasizing that the Ras El Hikma project is an economic investment partnership devoid of any clauses compromising Egypt's sovereignty, Prime Minister Madbouly highlighted its significance as the inception of Egypt's economic reforms. He reiterated the government's commitment to prudent investment expenditure.

Additionally, it was revealed that the Egyptian Public Business Sector Ministry would receive $520 million today from the hotels deal. These investments in the designated projects are anticipated to bolster foreign currency reserves and generate employment opportunities for the Egyptian workforce.

Prime Minister Madbouly underscored that these substantial investments not only showcase the attractiveness of Egypt's investment climate but also instill confidence in the country's national economy.