$14 Billion: Egypt Receives From the UAE

The Egyptian Prime Minister, Mostafa Madbouly, announced that the Egyptian government has received the second installment from the Emirati side as part of the "Ras Al Hikma" deal. During a government meeting, Madbouly stated that "the amount of $14 billion has indeed arrived, which has contributed to injecting more dollar resources." He mentioned that "we have started cooperating with the Emirati side on the procedures for the waiver of a $6 billion Emirati dollar deposit, with the intention of converting its value to the equivalent in Egyptian pounds, according to what has been agreed upon in the investment partnership agreement for the development and enhancement of Ras Al Hikma between Egypt and the UAE." Madbouly also highlighted during the meeting that "the economic indicators are progressing very well, but the most important challenge is to continue on this path, along with the state’s decision to set a cap on public spending, allowing space for the private sector, and focusing on the sectors of industry, agriculture, communications, and tourism as part of the state’s plan for the structural reform of the Egyptian economy."