Ras El Hekma contract not violating Egypt’s sovereignty – PM

Egypt’s Prime Minister Moustafa Madbouly clarified that Ras El Hekma contract does not breach the Egyptian sovereignty, and all clauses are subject to state’s laws, according to a statement published by the cabinet on Thursday.

The Ras Al Hikma project is an investment partnership between the government of Egypt and the private sector, similar to many other collaborative projects implemented by both sectors, Mabouly added.

Madbouly highlighted that these significant investments showcase the appeal of Egypt’s investment climate and indicate trust in the national economy.

“The government aims to leverage Ras El Hekma project and others to attract new investments. Boosting foreign direct investment (FDI) is a top priority for economic growth,” the statement said.

Madbouli stressed that the current economic reforms will bring substantial progress. He also emphasised the government’s dedication to supporting vital sectors like industry, agriculture, and telecommunications, as well as the competitive green hydrogen sector.

Egypt is actively expanding in this promising area and is focused on implementing and operating agreed-upon projects, with the potential to attract billions of dollars in investments and create job opportunities while boosting foreign currency reserves.