Egypt receives additional $5bln from ADQ for Ras El-Hekma project

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On February 29th, Prime Minister Mostafa Madbouly said that Egypt received $5 billion of the first tranche of the agreed-upon funds with ADQ

Staff Writer, Arab Finance

March 3, 2024

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Egypt has received an additional $5 billion from Abu Dhabi Developmental Holding (ADQ) on March 1st for the development of Ras El-Hekma project, as per a cabinet statement.

On February 29th, Prime Minister Mostafa Madbouly said that Egypt received $5 billion of the first tranche of the agreed-upon funds with ADQ under the country’s $35 billion Ras El Hekma deal.

The government is set to get the remaining amount of this investment from the UAE side within two months.

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