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. Under the deal, Cairo will receive $35 billion within two months, including an $11 billion Emirati deposit in the Egyptian Central Bank, in addition to $24 billion to be injected by the United Arab Emirates. Egypt will receive 35 percent of the profits from the Ras Al-Hikma project, and the state will be committed to cash and in-kind compensation for the residents located on the city's lands. Egypt's external debt will decrease by $11 billion as a result of converting the Emirati deposit in the central bank into an investment in the project. As part of this investment, ADQ will transfer $11 billion from the deposits to be used for investment in key projects throughout Egypt to support its economic growth and prosperity.

Source: Egypt Today February 23, 2024 17:38 UTC