Prime Minister Mostafa Madbouly announced that Egypt will receive $35bn as a down payment for the Ras Al Hekma development deal. The total investment in the development of Ras Al Hekma City is $150bn, and Egypt’s share of the project’s profits is 35%. “Foreign direct investment through Ras Al Hekma development deal contributes to eliminating the parallel market for foreign currency in Egypt.”Madbouly said that the New Urban Communities Authority represents Egypt in the Ras Al Hekma City development deal, while Abu Dhabi Developmental Holding Company (ADQ) represents the UAE. The Prime Minister added that ADQ will establish Ras Al Hekma Company as an Egyptian joint stock company to develop Ras Al Hekma City on an area of 170.8 million square meters. The Prime Minister stated that these agreements will help to stabilize the Egyptian economy and improve the country’s credit rating.

Source: Daily News Egypt February 23, 2024 19:07 UTC