Egypt is in dire need for foreign cash inflows amid regional instability, domestic woes [Getty]
Egypt has secured the first $5 billion tranche in the Ras al-Hekma property development deal, with a second $5 billion instalment slated for Friday, according to the Egyptian Prime Minister’s announcement on Thursday.
President Abdel Fattah al-Sisi had confirmed on Wednesday that a portion of the funds from the $35 billion agreement with the United Arab Emirates (UAE) for the Ras Al-Hekma project has been deposited into Egypt’s central bank.
The pact aims to develop the coastal peninsula…
