Thursday May 23rd, 2024
Download SceneNow app
Copied

UAE Invests USD 35 Billion in Ras Al Hekma Project

The people of Matrouh and the surrounding areas in Ras Al-Hekma affected by the project will receive compensation.

Cairo Scene

UAE Invests USD 35 Billion in Ras Al Hekma Project

Egypt and the United Arab Emirates (UAE) have joined forces for an investment project in Ras Al-Hekma, worth USD 35 billion. This partnership signifies the largest investment deal in Egypt's contemporary history.

An initial USD 15 billion will be received within one week from now. This figure includes USD 10 billion in direct foreign investments and an additional USD 5 billion waived by the UAE from their existing deposits in Egypt. The remaining USD 20 billion will be injected into the project two months from now.

This second phase of funding encompasses USD 14 billion from foreign investors and an additional USD 6 billion from the UAE's existing deposits in Egypt.

In total, the investment package boasts USD 24 billion in direct foreign investments, coupled with USD 11 billion waived in deposits. Egypt stands to gain 35% of the project's profits.

The Egyptian Cabinet, via Prime Minister Dr. Mostafa Madbouly, revealed that the people of Matrouh and the surrounding areas in Ras Al-Hekma affected by the project will receive compensation.

×