Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Congratulations to Egypt, UAE

Sat 24 Feb 2024 | 02:40 PM
Elham Aboul Fateh
Elham Aboul Fateh
Elham Aboul Fateh

Finally, the mega investment project appeared to promote prosperity and help in declining the exchange rate. For weeks, rumors had been circulated claiming, “They sold it what we would do.” On Friday, after Friday prayers, the Prime Minister announced the Ras al-Hikma project, the historic achievement that reflects the state’s efforts to attract Foreign direct investments.

President Abdel Fattah El-Sisi's and Sheikh Mohammed bin Zayed's visions resulted in the largest unprecedented deal to increase foreign exchange resources, control inflation, control the market, and restore the health of our economy. It is a big leap for the Egyptian economy in light of the difficult circumstances we are going through and the whole world is going through... and a message of confidence in Egypt, its stability, and the stability of its economy.

The UAE will also benefit from wonderful places and investments. It has previously invested in the North Coast through an Emirati company whose owner said that it achieved in Egypt what was not achieved in any country in the world and he chose intelligently to cooperate with the most stable and safest country in the region.

The “Ras El Hekma” city development project in the north coast pumps $150 billion into Egypt, of which $35 billion will be used within two months. The first installment is $15 billion, and the second is $20 billion, and Egypt will get 35% of the project’s profits at a time when we are living in a major crisis that currency traders have exploited to control the exchange rate and control the Egyptian market, it is an opportunity to correct distortions and eliminate the parallel exchange market and monetary distortions. The project takes advantage of one of the most beautiful areas not only in Egypt but in the whole world, Ras El Hekma city has many natural reserves, archaeological areas, bays, headlands, and sand dunes. Through this project, the city will become an integrated global tourism center that achieves an unprecedented boom in supporting the tourism sector in Egypt and attracting international and local tourism.

Dr. Madbouly also announced that the project provides hundreds of thousands of job opportunities. This investment project was preceded by development and preparation of a road network, the most important of which is the international coastal road, and was preceded by the establishment of one of the most beautiful cities in the north coast, New Alamein, making the region one of the most important tourist attractions. Indeed, the outcomes of the project began to appear in the decline in the price of the dollar in the parallel market.

I hope that the impact on prices will appear quickly, especially ahead of the holy month of Ramadan to alleviate the suffering of the people who have endured the economic pressures. Congratulations to Egypt.