Egypt receives 2nd batch for Ras Al Hekma – PM

Egypt received the second batch of the advance payment amounting to $14 billion, of Ras Al Hekma development deal with UAE sovereign fund, Prime Minister, Moustafa Madbouly announced on Wednesday during a Cabinet meeting. Madbouly highlighted that the Ras Al Hikma deal contributed to increasing the country’s foreign reserves.

The prime minister emphasised that the economic indicators are heading in the right direction, noting to the increased remittances from Egyptian expatriates after the unification of the exchange rate.

Madbouly also mentioned President Abdel Fattah al-Sisi’s inauguration of the first phase of the industrial zone in the New Delta, emphasising its importance in achieving food security and reducing import bills.