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Egypt receives $14 billion from UAE for second installment of Ras al-Hikma deal

Middle East News

15-05-2024 | 07:33

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Egypt receives $14 billion from UAE for second installment of Ras al-Hikma deal

The Egyptian Cabinet stated in a press release on Wednesday that Egypt has received $14 billion from the United Arab Emirates, the value of the second installment of the development and growth deal for the Ras al-Hikma city.

The statement also quoted Prime Minister Mostafa Madbouly during the weekly cabinet meeting as saying, "We have started cooperating with the Emirati side in the procedures for relinquishing the value of a $6 billion Emirati deposit, to be converted into the equivalent amount in Egyptian pounds, as agreed upon in the Investment Partnership Agreement for the development and growth of the Ras al-Hikma city between Egypt and the UAE."

Reuters

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