Egypt receives second payment from UAE for Ras al-Hikma project

Egypt received a substantial financial boost from the United Arab Emirates on Wednesday, securing a $14 billion payment for the ongoing development of the Ras al-Hikma peninsula, situated to the west of Alexandria. 

This transaction is part of a larger agreement involving the Abu Dhabi sovereign fund ADQ, which totals $35 billion in investments, marking it as one of the most significant of its kind, according to a statement from the Egyptian cabinet. 

The plan involves converting the deposit into Egyptian pounds (EGP), further bolstering Egypt's economic stability and cooperation with the UAE.