Egyptian President, Abdel-Fattah al-Sisi, announced yesterday that, the Central Bank of Egypt (CBE) has received the first tranche of the multibillion-U.S. dollar investment from the United Arab Emirates (UAE), as part of a deal between the two countries to develop a new city on Egypt’s northern coast.
In televised remarks broadcast on state-run Nile TV, Sisi said, the CBE is expected to receive another tranche of the project funds tomorrow. However, he did not disclose the specific amount of the fund.
Last week, the two Arab countries reached a deal to develop Ras Al-Hekma, a 170-square-km area, west of Egypt’s Mediterranean city of Alexandria, into a new massive urban, business, and tourism center.
As per the deal, the UAE will inject 35 billion U.S. dollars in foreign direct investment into Egypt, within the next two months.