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Saudi government approves MoU for financial dialogue with Egypt

The Saudi Cabinet approved a memorandum of understanding between the Ministry of Finance and its counterpart in Egypt regarding establishing a high-level financial dialogue, the Saudi Press Agency (SPA) reported on Tuesday.

This comes as the Egyptian government prepares in to launch new projects after signing the major investment deal between Egypt and UAE to develop the Ras al-Hikma area.

Egyptian cabinet spokesperson Mohamed al-Hommosany announced that the government earlier in March received another five billion dollars from the first installment of the Ras al-Hikma investment partnership deal with the UAE – thereby completing the first tranche worth a total of $10 billion.

Prime Minister Mostafa Madbouly announced during the cabinet meeting late February that measures have been taken to coordinate between the Central Bank of Egypt and the UAE to transfer five billion dollars from the deposit into the Egyptian pound.

He assured that within two months, Egypt will receive the remaining amount announced to complete the $35 billion in direct investment entering the country from this deal, in addition to the 35 percent that the state will receive from the net profits of the project.


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