Egypt’s Prime Minister Moustafa Madbouli said Wednesday that Egypt received 14 billion dollars from the UAE in a second installment of a deal to develop the Ras el Hikma peninsula west of Alexandria.
The deal with Abu Dhabi sovereign fund ADQ to develop the 200 km peninsula includes a total of $35 billion worth of investments.
Speaking during a Cabinet meeting earlier today, Madbouli talked about very good economic indicators, stressing, however, that the most important challenge is to maintain this approach that puts a limit to public spending and creates more room for the private sector.
He pointed to an economic structural reform plan that pays bigger attention to the sectors of industry, agriculture, communications and tourism.
Egypt has also started working with the UAE to waive an Emirati deposit worth 6 billion dollars and convert its value to the equivalent in Egyptian pounds, Madbouli said.
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