Ahmad 
The Egyptian government announced the implementation of the receipt of the second installment of the “Ras Al-Hekma” deal, which amounts to $ 14 billion, received from the UAE side.
The Egyptian Prime Minister, Dr. Mostafa Madbouly, stressed that this step contributes to increasing dollar resources in the country.
The Egyptian government has also begun cooperating with the UAE side in the procedures for waiving the value of a USD 6 billion deposit with the aim of converting its value into Egyptian pounds, in accordance with the investment partnership agreement for the development of Ras El Hekma City between the two countries.
The Prime Minister pointed out in a statement to the Council that the economic conditions are going very well, and stressed the importance of continuing this approach, in accordance with the state’s plan for structural reform of the Egyptian economy, which includes setting a ceiling on public spending and making room for the private sector.
In a related context, Madbouly explained that he communicates periodically with Hassan Abdullah, the governor of the Central Bank, pointing to the great confidence of Egyptians abroad, which has been translated into a steady increase in remittances, and an increase in the waiver of the dollar at the banking system and various exchange offices in light of the decline of the parallel market.
The total investment of the Ras El Hekma project is expected to be around $150 billion, with Egypt receiving $35 billion in two installments, indicating the great importance of this project in boosting the Egyptian economy and creating new job opportunities.
It is noteworthy that Ras El Hekma is one of the most important strategic areas within the national strategic plan for urban development in Egypt, and is distinguished, according to the Egyptian government, by comprehensive development components, making it a leading area for tourism, investment, and urbanization.
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