Ras El Hikma
the government raised its projections for achieving a primary surplus to 5.75 percent of the gross domestic product (GDP) in 2023/2024 from previous estimates of 2.5 percent of the GDP, according to the ministry.
Egypt had received $10 billion in the previous period from the funds of the $35 billion deal and took measures to convert $11 billion from deposits from the United Arab Emirates (UAE) at the Central Bank into local currency, as stipulated by the terms of the deal.
Egypt had received $10 billion in the previous period from the funds of the $35 billion deal and took measures to convert $11 billion from deposits from the UAE at the Central Bank into local currency.
Middle East and North Africa Economist at Capital Economics, James Swanston, noted that even before the Ras el Hekma deal, investor sentiment towards Egypt had improved in recent months on the back of hopes that a new IMF deal will soon be secured.
Madbouly added that measures will be taken to convert $5 billion from the United Arab Emirates (UAE) deposit to Egyptian pounds (EGP)
Themis came during a session entitled,”Promotional efforts to attract foreign direct investment”.
The company stated in a filing to the EGX that the collaboration in implementing the Ras El Hikma project aligns with the group's strategy of creating continuous added value that benefits its shareholders by maximizing returns and creating additional value.
The report explained that the size of this investment is much larger than expected, and the timing of this liquidity entry is very close if the financing goes as planned.
The government expects the project to attract investments of up to $150 billion during its development, helping to provide millions of job opportunities and inject liquidity into the Egyptian economy.
the project represents the largest direct investment deal in the country's history, noting that it will bring $150 billion in investments to Egypt over the project's lifetime.
The deal involves $150 billion in investments during the project development period, including around $35 billion in direct investments for the Egyptian state within two months.
Heiba’s comments are the first confirmation by an Egyptian official since media outlets began publishing reports last week on the potential sale and development of the area
The official source highlighted the significance of the Northwestern Coastal Region, emphasizing its capacity to accommodate the expected population surge.
This event was recognized as the biggest seated event in the history of Egypt; with an audience of 5000 guests witnessing the global artist perform on the beach in one of the unmatched spots of the North Coast at the Greek islands of Mountain View.
