Egypt receives USD 14 bln from UAE for Ras Al-Hikma City

Egypt has received USD 14 billion from the UAE as the second payment for the development of Ras al-Hikma City, Egyptian Prime Minister Mostafa Madbouli said Wednesday.During the weekly cabinet meeting, Madbouli said in a statement, "we have started cooperating with the Emirati side in the procedures for relinquishing the value of a USD six billion Emirati deposit." "The amount to be converted into its equivalent in Egyptian pounds, as agreed upon in the Investment Partnership Agreement for the development and growth of the Ras al-Hikma city between Egypt and the UAE," he added.Egypt had obtained USD five billion in late February and another USD five billion in early March from a deal to develop the city of Ras Al-Hikma as part of a deal worth USD 35 billion with Abu Dhabi Holding Company.Source: Kuwait News Agency