{"id":614954,"date":"2024-02-11T00:00:00","date_gmt":"2024-02-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/egypt-could-retain-20-in-ras-el-hekma-following-sale-to-gulf-investor\/"},"modified":"2024-02-11T00:00:00","modified_gmt":"2024-02-11T00:00:00","slug":"egypt-could-retain-20-in-ras-el-hekma-following-sale-to-gulf-investor","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/egypt-could-retain-20-in-ras-el-hekma-following-sale-to-gulf-investor\/","title":{"rendered":"Egypt could retain 20% in Ras El Hekma following sale to Gulf investor"},"content":{"rendered":"

More details regarding a potential Ras El Hekma sale: <\/strong>The government and Talaat Moustafa Group (TMG) could together retain a 20% stake in the North Coast\u2019s Ras El Hekma after Abu Dhabi takes over the USD 22 bn development of the parcel of seaside land, Bloomberg<\/a> reported on Thursday, citing people it says are familiar with the talks. <\/p>\n

Refresher:<\/strong> The news came a day after the General Authority for Investment and Freezone (GAFI) head Hossam Hieba confirmed<\/a> that officials were in talk about a potential investment and its size after days of rumors<\/a> regarding the project. He also said that an Emirati consortium had been picked to develop the 180 mn sqm parcel of land. <\/p>\n

Cabinet said in a <\/strong>statement<\/a><\/strong>on Thursday that only the prime minister\u2019s office <\/strong>will make an announcement regarding \u201clarge investment projects\u201d and while it doesn\u2019t name Ras El Hekma, the timing of the statement has led us to believe that the statement was triggered by Hieba\u2019s remarks on the project. The cabinet is yet to confirm that the project is happening, while the press is yet to offer any indications of who the buyer would be (ADQ, a consortium of developers, or another institution) or what the development timeline might look like. It\u2019s also unclear how much of the purchase price would be paid up-front or what the construction timeline would look like. Heiba made clear in his remarks earlier in the week that the buyer would be responsible for lining up project finance. <\/p>\n

By the numbers:<\/strong> The land is likely valued at USD 18-21.6 bn, given the average price per square meter along the North Coast stands at USD 100-120, according to Bloomberg calculations.<\/p>\n

More to come? <\/strong>A committee of ministers is currently reviewing \u201cinvestment offers for important projects that are expected to generate huge resources of foreign currency,\u201d Prime Minister Moustafa Madbouly said on Thursday. The state will announce the details \u201cfollowing the completion of negotiations with investors,\u201d Madbouly said. <\/p>\n

Gearing up for the expected devaluation:<\/strong> The agreement comes as the government seeks to fill up the central bank\u2019s USD coffers ahead of the anticipated currency devaluation<\/a>. Cabinet is said to want at least USD 6 bn in hand before floating the EGP \u2014 a key requirement for unlocking a larger IMF package. <\/p>\n","protected":false},"excerpt":{"rendered":"

The cabinet is currently reviewing \u201cinvestment offers for important projects that are expected to generate huge resources of foreign currency\u201d<\/p>\n","protected":false},"author":1,"featured_media":614955,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[72,103,461,81,7388,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-fdi","tag-gafi","tag-privatization-watch","tag-ras-el-hekma","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"d999a9ad-a279-41c4-92c3-923436f0de45","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/690.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian gov\u2019t, Talaat Moustafa Group could retain 20% stake in Ras El Hekma following sale to Gulf investor","related_issue":[614949],"teaser":"The cabinet is currently reviewing \u201cinvestment offers for important projects that are expected to generate huge resources of foreign currency\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.48e6aee1-2fe0-47c5-8662-910a31cd2a77.mp3"},"yoast_head":"\nEgypt could retain 20% in Ras El Hekma following sale to Gulf investor - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/egypt-could-retain-20-in-ras-el-hekma-following-sale-to-gulf-investor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt could retain 20% in Ras El Hekma following 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