Within a span of two months, Egypt is set to receive a $35 billion down payment for the Ras Al Hekma deal.

Prime Minister Mostafa Madbouly revealed that Egypt is poised to receive a $35 billion down payment for the Ras Al Hekma development agreement. The initial installment of $15 billion is expected within two months, followed by an additional $20 billion.

Madbouly elaborated that the initial payment encompasses $10 billion in direct foreign liquidity, along with the UAE’s waiver of $5 billion from its deposits at the Central Bank of Egypt.

With the total investment in the development of Ras Al Hekma City reaching $150 billion, Egypt is entitled to a 35% share of the project’s profits.

“Foreign direct investment through the Ras Al Hekma development deal is instrumental in eradicating Egypt’s parallel market for foreign currency,” Madbouly stated.

ArabMLS Founder

Ahmed Elbatrawy, who leads the Arab MLS platform, aims to simplify property transactions in the Middle East, paving the way for unprecedented global investment opportunities.

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