Ras El Hekma

Egypt’s net foreign assets hit LE 174.3B in April: CBE

Sun, 02 Jun 2024 - 02:21 GMT

The Central Bank of Egypt (CBE) reported holding LE 1.883 trillion in foreign assets at the end of April, while commercial banks held LE 1.195 trillion

ADQ to commence construction work in Ras El Hekma Project before end of 2024

Sun, 19 May 2024 - 02:45 GMT

Furthermore, the Cabinet spokesman, Mohamed El-Homsani, informed Al Arabiya that Egypt will soon finalize the transfer of land for the Ras El Hekma project to the recently established Ras El Hekma for Urban Development Project Company.

PM Madbouly reveals Egypt has received $14B from Ras El Hekma agreement with UAE

Wed, 15 May 2024 - 03:58 GMT

In an official statement, Madbouly also stated that Egypt is working with the UAE to waive an Emirati deposit of $6 billion in the Central Bank of Egypt (CBE) and convert it to Egyptian pounds

PM: Egypt receives 2nd installment of 'Ras el-Hekma' deal from UAE

Wed, 15 May 2024 - 01:01 GMT

Egyptian Prime Minister, Dr. Mostafa Madbouly, chaired Wednesday the weekly cabinet meeting, at the government headquarters in the New Administrative Capital, where a number of important work files were discussed and reviewed.

Egypt reportedly received 2nd and final tranche from Ras El Hekma

Tue, 14 May 2024 - 01:44 GMT

Reportedly received by Egypt on Sunday, the tranche consisted of $14 billion and $6 billion currently held from a previous deposit by the UAE at the Central Bank of Egypt (CBE)

Cabinet approves major investments in Ras El Hekma

Wed, 24 Apr 2024 - 02:53 GMT

Furthermore, the Cabinet has also approved Prime Minister, Mostafa Madbouly's draft decision to create an investment zone in Ras El Hekma.

Goldman Sachs predicts a substantial decline in Egypt’s financing needs for Q2 2024

Tue, 23 Apr 2024 - 11:39 GMT

Goldman Sachs estimated that Egypt will require significantly less financing through borrowing for the second quarter of 2024, attributing the reduced need to the substantial financing it secured during Q1 2024 and the Ras El Hekma investment deal

Egypt to secure $20B 2nd tranche of Ras El Hekma project by end of May

Sun, 21 Apr 2024 - 04:37 GMT

By the end of June 2024, Egypt anticipates receiving $1 billion from the World Bank, €1.07 billion from the European Union, and an additional $820 million from the International Monetary Fund (IMF).

IMF official: Ras El-Hekma deal recognizes Egypt's economic potential to generate additional tourism revenues

Tue, 02 Apr 2024 - 08:33 GMT

The International Monetary Fund (IMF) Mission Chief for Egypt Ivanna Vladkova Hollar said that the Ras El-Hekma deal, which is worth $35 billion, will reduce the pressure on the balance of payment but if it were used prudently.

Egypt to receive $20B from Ras El Hikma funds at beginning of next May

Sat, 30 Mar 2024 - 01:03 GMT

Egypt had received $10 billion in the previous period from the funds of the $35 billion deal and took measures to convert $11 billion from deposits from the United Arab Emirates (UAE) at the Central Bank into local currency, as stipulated by the terms of the deal.

IMF: $35 billion Ras el-Hekma deal supports Egypt's economy, to help handling of future shocks

Sat, 30 Mar 2024 - 12:07 GMT

The International Monetary Fund stressed the importance of implementing economic policies and supporting the private sector to be an engine of growth.

Egypt to receive 2nd installment of financial dues for Ras El Hikma project within weeks

Wed, 27 Mar 2024 - 02:59 GMT

Egypt had received $10 billion in the previous period from the funds of the $35 billion deal and took measures to convert $11 billion from deposits from the UAE at the Central Bank into local currency.

Emirati ADQ plans to set up free zone in Ras El Hekma

Wed, 20 Mar 2024 - 11:45 GMT

The objective behind this initiative is to create a global financial hub and attract foreign investments, as stated by the sources.

Presidential directives to immediately release goods from Egyptian ports, PM Madbouli

Mon, 04 Mar 2024 - 01:09 GMT

Egypt’s Prime Minister Mostafa Madbouli said on Monday that there are presidential directives to immediately release goods from Egyptian ports with giving priority to foodstuffs and medicines.

Egypt receives $5 bln as final installment of 1st tranche of Ras El Hekma deal: Cabinet

Fri, 01 Mar 2024 - 10:37 GMT

Prime Minister Mostafa Madbouly confirmed on Thursday that Egypt had received $5 billion as part of the initial installment of the investment partnership agreement with the United Arab Emirates aimed at developing Ras El Hikma.

Funds from Ras El Hekma Project with UAE begins arriving at CBE: President El Sisi

Wed, 28 Feb 2024 - 01:50 GMT

President El Sisi issued a presidential decree yesterday, Tuesday, allocating a plot of state-owned land with an area of ​​170.8 million square meters

GOPP, UN-Habitat sign MoU to develop New Ras El Hekma Waterfront

Wed, 29 Aug 2018 - 11:41 GMT

The waterfront will be in line with the New Urban Agenda, Egypt’s 2030 Agenda and the international sustainable development goals.