Egypt's Prime Minister, Dr. Mostafa Madbouly, presided over the signing ceremony of the largest investment deal with significant entities.

During the event, the Prime Minister affirmed that the deal represents a partnership, not asset sales. He emphasized that Egypt's success in attracting foreign direct investments measures the country's progress and that such major projects are crucial.

The Prime Minister stated that the Ras El Hekma project is the largest investment project in Egypt's history, explaining that the urban development plan includes Matrouh, Salloum, and Alamein.

He continued by noting that Ras El Hekma City will provide millions of job opportunities for Egyptian youth, and all contracting and real estate development companies in Egypt will participate in the major investment projects.

The Prime Minister explained that the Ras El Hekma City development project will bring $35 billion into the country within two months, with the first installment of $15 billion within a week and the second installment of $20 billion after two months, affirming Egypt's keenness to attract foreign direct investment. The Egyptian government will have a 35% share of profits throughout the project's duration, in addition to receiving $150 billion in investments from the UAE side.

Dr. Mostafa Madbouly, Prime Minister, highlighted that the deal will bring in a significant amount of foreign currency, contributing to stabilizing the currency, targeting inflation reduction, maintaining price levels, and eliminating the presence of dual currency rates in the Egyptian market.

Yesterday, the Cabinet, chaired by Dr. Mostafa Madbouly, approved the largest direct investment deal through an investment partnership with major entities, as part of the country's current efforts to attract foreign direct investment and increase the state's foreign currency reserves.

Dr. Mostafa Madbouly stated that this major investment deal, conducted in partnership with major entities, achieves the state's development objectives outlined in the National Urban Development Strategic Plan, noting that this deal marks the beginning of several investment deals the government is currently working on to increase the state's foreign currency reserves.