Skip to content Skip to Search
Skip navigation

Egypt to get second part of UAE $35bn deal in coming weeks

Prime Minister Mustafa Madbouly said the government is working on fulfilling the multiple commitments for the Ras El-Hekma project Reuters
Prime Minister Mustafa Madbouly said the government is working on fulfilling the multiple commitments for the Ras El-Hekma project

Egypt will receive the second tranche of payments from the UAE in the coming weeks, Prime Minister Mustafa Madbouly has said. 

Cairo has received $10 billion as part of the $35 billion deal struck with the UAE sovereign fund ADQ and has converted $11 billion from deposits from the Gulf state at the central bank, Egypt Today newspaper said, citing a cabinet statement.

The value of the second tranche set to be received in the coming weeks was not given.

Madbouly said his government ministries are working on fulfilling the multiple commitments for the development project at the Ras El-Hekma. 

In February, Egypt signed a deal with ADQ to build the “largest new city” in Egypt to promote tourism and drive economic growth.

The Abu Dhabi state-owned company will acquire the development rights for Ras El-Hekma to develop the region as a Mediterranean holiday destination, including a free zone.

The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.

The government forecasts the project will secure investments of up to $150 billion during its development, which will create jobs and inject liquidity into the Egyptian economy, the report said. 

Earlier this month, Egypt signed an $8 billion expanded loan agreement with the International Monetary Fund, received an $8 billion funding package from the European Union, and a $6 billion loan from the World Bank Group.

Latest articles

Waste To Energy Biogas plant with solar, battery station and E-car charging station

African renewables are ripe for investment, says Irena

Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […]

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the South American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day Video length: 03:08

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]