CAIRO
Egypt said Thursday it has received the first batch of $35 billion pledged by the United Arab Emirates as part of a mega investment deal between the two countries.
Prime Minister Mostafa Madbouly said $5 billion was transferred to the government as part of the deal to develop the coastal region of Ras El-Hekma.
“Another $5 billion will be transferred on Friday,” he said at a Cabinet session in Cairo.
The premier said measures have been taken by Egyptian and Emirati authorities to transfer $5 billion from an Emirati deposit at Egypt’s central bank into the Egyptian pound, without providing any further details.
“Within two months, Egypt will receive the remainder of the $35 billion pledged as part of this deal,” he added.
“Egypt will also get 35% from the net profits of the project,” Madoubly said.
Egypt signed an investment deal with the UAE on Friday to develop the Rash El-Hekma region into the first-of-its-kind Mediterranean urban community.
The project extends over an area of 42,000 acres. It will encompass residential districts, prestigious international hotels, tourist resorts, a large marina, recreational venues, and service facilities, including hospitals, schools, and universities.
The project will also include administrative and service buildings, a free economic zone dedicated to information technology industries, logistics hubs, and an international airport. It will further feature a central business district designed to attract global companies.
Egypt hopes that the investment deal will help address the country’s severe hard currency shortage, reduce its foreign debts and advance its plan for urban development.
The project is expected to attract a total investment of $150 billion.
