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

Egypt's PM Mustafa Madbouly said the government was working on fulfilling the commitments for the Ras El Hekma project Reuters
Egypt's PM Mustafa Madbouly said the government was working on fulfilling the 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 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.

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