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Intense competition between Saudi Arabia and the UAE for investment in Egypt

Sunday 12 May 2024
Intense competition between Saudi Arabia and the UAE for investment in Egypt

ALWAGHT- Informed government sources in Egypt have reported on Saudi Arabia's new proposal to deposit its funds with the Central Bank of Cairo in exchange for finalizing the "Ras Ghamila" agreement and also purchasing some state-owned companies.

Citing the "Almanasa" website, Riyadh is considering utilizing its deposits in Cairo, valued at around $10.3 billion, to finalize the "Ras Ghamila" agreement and acquire certain state-owned enterprises in Egypt.

As per the report, the Saudi proposals cover transactions related to "Ras Ghamila" and the acquisition of specific state-owned companies, including the "CIRA Education" institution, comprising 27 centers.

These dealings also involve five additional companies across various sectors such as real estate development, healthcare, energy, electricity, financial services, and food production, with announcements expected soon.

The mentioned source also emphasized: "The Saudi Public Investment Fund will compete with the UAE to acquire more of these projects and companies."

It's noteworthy that a comparable potential agreement was previously enacted with the UAE, where Abu Dhabi acquired the coastal area of "Ras Al Hekma," recognized as a significant historical landmark on the northwestern coast of the Mediterranean Sea, serving as Egypt's western gateway.

On February 23, 2024, Egypt and the UAE entered into a contract for the development of the new city of "Ras Al Hekma," involving an investment of approximately $150 billion. This includes a direct foreign investment of $35 billion to the Egyptian government within two months, alongside $11 billion in debt. The agreement stipulates that Egypt will receive 35% of the total project profits.

Tags :

Saudi Arabia UAE Egypt Almanasa Ras Ghamila Ras Al Hekma

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