Cairo on 23 February inked a mega-deal with Abu Dhabi’s ADQ under which the state holding company pledged to pump at least $35bn into Egypt’s ailing economy. Ostensibly the $24bn is to pay for the “right to develop” a mega-resort at Ras al-Hekma on Egypt’s Mediterranean coast, with the remaining $11bn to go on other “prime projects across Egypt to support its economic growth and development.”
However, given Cairo’s ailing finances, the priority for Egypt has clearly been to bank as much as possible as soon as possible. Egypt received the first $5bn tranche of the pledged funds on 29 February according to a Cabinet statement, with an additional $5bn delivered on 1 March. (CONTINUED - 1028 WORDS)
