Ras al-Hikma

Egypt receives second tranche of Ras al-Hikma deal worth $14 billion

Egypt has received the second installment of the Ras al-Hikma deal from the UAE, worth $14 billion (LE655.7 billion), boosting the country’s dollar resources which recently suffered from a shortage of hard currency, Prime Minister Mostafa Madbouly announced on Thursday. The nation’s foreign currency availability has improved after Egypt signed an agreement with the UAE …

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Egypt Independent May 16, 2024

IMF official says Ras al-Hikma deal recognizes the potential of Egypt’s economy to generate additional tourism revenues

International Monetary Fund (IMF) Mission Chief for Egypt Ivanna Vladkova Hollar said that the Ras al-Hikma deal, which is worth $35 billion, will reduce the pressure on the balance of payment but if it were used prudently. She told a new conference on Monday that the expectation for what is a prudent use of the …

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Egypt Independent April 10, 2024

Second tranche of Ras al-Hikma deal expected to be deposited on Friday: Sisi

Egypt has received the first tranche of funds pledged by the UAE from a total of $35 billion. President Abdel Fattah al-Sisi said that some of the UAE’s funds have been deposited in the Central Bank of Egypt, and an additional tranche is expected to be received on Friday. During a televised event on Wednesday, …

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Egypt Independent February 29, 2024

Egypt, UAE agree to invest US$ 150 billion into Ras al-Hikma project

Egyptian Prime Minister Mostafa Madbouly on Friday revealed further details regarding the Ras al-Hikma development project, done in partnership between Egypt and the UAE. Madbouly said that the project will cover two stages. The first stage involves Emirati investments worth $35 billion that will enter the state within two months, of which the first installment …

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Egypt Independent February 24, 2024