(MENAFN) In an official announcement on Wednesday, the Egyptian Cabinet disclosed that Egypt has received a substantial sum of USD14 billion from the United Arab Emirates (UAE). This payment constitutes the second installment of the agreement aimed at developing the Ras El Hekma region, signifying a significant milestone in the bilateral partnership between the two nations.

Prime Minister Mostafa Madbouly, speaking during the weekly cabinet meeting, emphasized the collaborative efforts underway between Egypt and the UAE. He highlighted the commencement of cooperative measures with the Emirati counterparts to facilitate the waiver of a six-billion-dollar Emirati dollar deposit. Under the terms of the agreement governing the investment partnership for the development of Ras El Hekma, the deposit's value is to be converted into Egyptian pounds, aligning with the established terms of the agreement.

The development project for Ras El Hekma represents a pivotal initiative aimed at fostering economic growth and prosperity in the region. With the infusion of substantial financial resources from the UAE, Egypt is poised to unlock the potential of Ras El Hekma, transforming it into a vibrant and sustainable urban center. This collaboration underscores the enduring friendship and strategic partnership between Egypt and the UAE, as both nations work together towards mutual prosperity and development.

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