Egyptian cabinet spokesperson Mohamed al-Hommosany announced that the government on Friday received another five billion dollars from the first installment of the Ras al-Hikma investment partnership deal with the UAE – thereby completing the first tranche worth a total of $10 billion.
Prime Minister Mostafa Madbouly announced during the cabinet meeting on Thursday that measures have been taken to coordinate between the Central Bank of Egypt and the UAE to transfer five billion dollars from the deposit into the Egyptian pound.
He assured that within two months, Egypt will receive the remaining amount announced to complete the $35 billion in direct investment entering the country from this deal, in addition to the 35 percent that the state will receive from the net profits of the project.
A ministerial committee will be formed, headed by the Prime Minister, specifically for the Ras al-Hikma development project, he added.
Its mission will be to facilitate procedures, overcome any obstacles, solve all problems, and coordinate with the aim of implementing Egypt’s commitments in this project.
Largest deal of its kind
Egypt earlier in February announced the largest major investment deal in partnership with the UAE, dubbed “Egypt and UAE, a Partnership for the Development of Ras al-Hikma.”
Madbouly said that the project includes establishing hotels, entertainment projects, tourist resorts, a financial and business district, and an international airport.
This project will be the largest of its kind, he added, as it seeks to develop a city with an area of 170 million square meters or more than 40,600 acres.
Egyptian Cabinet spokesperson Mohamed al-Hommosany assured that the state is fully committed to compensating the people of the Ras al-Hikma region, adding that not a single citizen will be harmed by this project.
During a phone interview with CBC satellite channel in late February, Hommosany said that the Ras al-Hikma urban development project will witness investments of no less than US$150 billion, and provide many job opportunities.
This new city is expected to attract at least eight million tourists, he added, pointing out that the project will contribute to the development of the North Coast region.
Edited translation from Al-Masry Al-Youm
