May 15, 2024 7:22 PM

Egypt receives second payment of $14 bln from UAE for Ras al-Hikma project

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 includes a 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 equiv...