Egypt receives second payment of $14 bln from UAE for Ras al-Hikma project
Specifies location of peninsula 200 km from Alexandria in paragraph 2
CAIRO, May 15 (Reuters) -Egypt received $14 billion from the United Arab Emirates on Wednesday as a second payment for the development of Ras al-Hikma peninsula, a cabinet statement said.
The deal with Abu Dhabi sovereign fund ADQ to develop the peninsula 200 km west of Alexandria includesa total of $35 billion in investments and is one of the biggest deals of its kind.
Egypt has also started working with the UAE to waive an Emirati deposit of $6 billion in the Egyptian central bank and convert its value to the equivalent in Egyptian pounds (EGP), Egyptian prime minister Mostafa Madbouly added in the statement.
Egypt received $5 billion as a first payment in the property development deal in February and another $5 billion tranche on March 1.
The cabinet said in February that the UAE and the Egyptian central bank were working to convert $11 billion worth of UAE deposits into Egyptian pounds.
Egypt has been struggling with a prolonged shortage of foreign currency and rapid inflation and the cash injection from the first two tranches helped alleviate currency pressures.
Reporting by Momen Saeed Atallah; Writing by Jana Choukeir; Editing by Jason Neely, Nadine Awadalla, Kirsten Donovan, Peter Graff
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
