Contact Members/Sign Up Reg Form

UAE pledges $35bn to Egypt in 2 months.

Prime minister mostafa madbouly        Photo: Getty

The Prime Minister emphasized that the $35 billion injection would address Egypt's economic crisis and alleviate the foreign currency shortage. The nation struggles to secure imports, service its $165 billion foreign debt, and grapples with a dual pricing issue for the dollar—official rates versus the black market, the latter being twice as high.

Madbouly clarified that the investment stems from a Friday agreement between Egypt and the UAE to develop 170.8 million square meters in the Ras El-Hekma region. He detailed a $15 billion initial tranche, with $10 billion directly transferred and $5 billion as part of a deposit with the Central Bank of Egypt. The second batch of $20 billion, including the remaining $6 billion from the UAE deposit, will follow in two months.

The project entails constructing an integrated city, a tourist area, a large cruise ship marina, and an Emirates-managed international airport, totaling $150 billion. Egypt's foreign debts, exceeding $164.7 billion, triggered concerns, leading to JP Morgan's exclusion and Moody's downgrade from "stable" to "negative."

With an official dollar rate of around 31 Egyptian pounds versus 70 in the parallel market, external financing worries persist. Foreign debts coincide with Red Sea navigation disruption due to Yemeni Houthi attacks, affecting Suez Canal revenues by 40-50%, according to the Egyptian president.

Egypt faced a 30% decline in foreign exchange from expatriate transfers in Q1 2023-2024. Despite an IMF agreement for a $3 billion loan in 2022, only $347 million was disbursed, delayed by disputes over reforms, exchange rates, and reducing state and military economic involvement.

IMF anticipates resolving issues with Egypt's loan agreement in the coming weeks after delays in the first and second reviews last year.

Feb. 24, 2024 6:06 p.m. 1844

#MiddleEastEconomy #InternationalInvestment #EmergingMarkets #GlobalFinance #ForeignAid #EconomicDevelopment #IMFSupport #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworke

Pregnant Woman Among Civilian Casualties in Ukraine-Russia Strikes

global news / world news
April 20, 2024 6:07 p.m. 437

Cross-border Attacks: 3 Dead in Russia, 2 Killed by Russian Strike in Ukraine...Read More.

Israeli Strike on Rafah Kills Nine, Including Six Children

global news / world news
April 20, 2024 6:01 p.m. 451

The remains of the six minors, two females, and one male were transported to Rafah's Abu Yousef al-Najjar hospital, as indicated by the hospital's documentation...Read More.

Pregnant Woman Among Civilian Casualties in Ukraine-Russia Strikes

Cross-border Attacks: 3 Dead in Russia, 2 Killed by Russian Strike in Ukraine

Israeli Strike on Rafah Kills Nine, Including Six Children

The remains of the six minors, two females, and one male were transported to Rafah's Abu Yousef al-Najjar hospital, as indicated by the hospital's documentation

UAE President Honors Eight with Abu Dhabi Awards

The Abu Dhabi Awards honored UAE champions in education, sustainability, medicine, and beyond.

Verstappen Clinches Chinese GP Pole After Sprint Triumph

Max Verstappen sealed a flawless day by setting the fastest lap of 1 min 33.660sec, following his victory in the sprint race at the Shanghai International Circu

Shehnaaz Gill Stuns in Black Blazer, Radiates Glam on Social

Shehnaaz Gill sparks social media craze with chic black blazer, oozing glamour and sophistication

Iraq Popular Mobilization Units Members Killed in Base Blast

Explosion at Kalsu base near Baghdad kills one PMU member, injures eight

Dubai's DEWA Unveils Second Infrastructure Manual

17 New Project Types Added in Latest Edition, Totaling 67 Projects

Satellite Data Reveals China's Sinking, Threatening One-Third of Population

Satellite data reveals alarming sinking in China: 45% of urban areas affected.

Dubai Residency Processes 400,000 Passengers Amid Weather Emergency

Dubai Residency Completes Procedures for Over 400,000 Passengers Amid Emergency Weather Conditions

Ease My Trip Shares to Garner Attention Next Week in Stock Market

EaseMyTrip injects ₹33 crore into Mumbai's B2B travel agent, Etrav Tech, in strategic investment move.

Vondrousova's Composure Prevails as She Upsets Sabalenka in Stuttgart Open

Swiatek, the world number one, maintained her flawless tournament record with a commanding victory over Briton Raducanu, extending her run to 10-0.

Disha Patani rocks casual chic at airport in crop top and denim bermuda shorts

Disha's airport ensemble with Bermuda shorts and a crop top exudes freshness and style.

Emirates Airline Returns to Normal Flight Operations; Tim Clark's Open Letter

Clark mentioned, "Clearing the backlog of rebooked passengers and bags will require a few more days.

AI Expert Predicts "Fundamental Change" in News Ecosystem

Journalism has struggled over the past decade or more, lacking a credible vision for its future within the realm of social media," he stated.

Malaysia set to reveal towering landmark surpassing Burj Al Arab

Reaching 325m at its peak, the new tower will surpass Burj Al Arab, matching the height of the Eiffel Tower.

Morgan Wallen Breaks Silence After Nashville Arrest for Chair Incident

Morgan Wallen expresses remorse, takes responsibility, and acknowledges he's not proud of his actions in Nashville incident.

Emirates and Flydubai Resume Normal Operations at DUBAI Airport

Emirates halted check-in for transit passengers from Dubai, while FlyDubai adjusted its flight schedule by canceling some flights.

IREDA Q4 Results: Net profit surges 33%, net interest income rises 35%

IREDA, under Ministry of New and Renewable Energy, saw its shares close at ₹160.80, down by ₹2.30 (1.41%), on the BSE.

Ex-India Star Criticizes Punjab Kings Strategy in Loss to Mumbai Indians

Aakash Chopra expressed dissatisfaction with Punjab Kings' chase approach, criticizing their use of Shashank Singh during the IPL 2024 loss to Mumbai Indians.

Get In Touch

3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE

+971 56 450 3476

info@dxbnewsnetwork.com

LAUNCH OF DNN
Follow Us

© DNN. All Rights Reserved.