In February, Egypt signed investment deal worth $35B with UAE to develop Rash El-Hekma region
Egypt received $14 billion in the second batch of a major investment deal with the United Arab Emirates (UAE) to develop the Ras El-Hekma region, west of Alexandria, the government said on Wednesday.
The UAE also began procedures to transfer to Egypt $6 billion in UAE deposits at the Central Bank of Egypt (CBE) in Egyptian pounds as part of the deal, the government added in a statement.
On Feb. 23, Egypt signed an investment deal worth $35 billion with the UAE to develop the Ras El-Hekma region in northwestern Egypt into the first-of-its-kind Mediterranean urban community.
Egypt received $15 billion in the first batch of funding from the deal in late February.
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, according to Egyptian media.
The investment 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.
*Writing by Ahmed Asmar
