This project represents the largest direct investment agreement in the history of the country, amounting to $150 billion in investments for Egypt, to be contributed by the UAE over the duration of the project.
Included in the deal is the injection of $35 billion in foreign direct investments by the UAE within two months, with Egypt slated to receive 35 percent of the project’s profits over its lifespan.
As part of the initial payment, $11 billion in Emirati deposits in the Central Bank will be waived and converted to the Egyptian pound for investment in the project, effectively reducing Egypt’s foreign debt burden.
