{"id":616101,"date":"2024-02-28T00:00:00","date_gmt":"2024-02-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/this-evening-adq-pays-up-the-first-chunk-of-its-investment-for-ras-el-hekma-development-rights\/"},"modified":"2024-02-28T00:00:00","modified_gmt":"2024-02-28T00:00:00","slug":"this-evening-adq-pays-up-the-first-chunk-of-its-investment-for-ras-el-hekma-development-rights","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/this-evening-adq-pays-up-the-first-chunk-of-its-investment-for-ras-el-hekma-development-rights\/","title":{"rendered":"THIS EVENING: ADQ pays up the first chunk of its investment for Ras El Hekma development rights"},"content":{"rendered":"

Good afternoon, folks, and happy almost-Thursday.<\/strong> As we move towards the end of the week, the news cycle is staying consistent with its focus on the government\u2019s agreement with ADQ on Ras El Hekma.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

The Central Bank of Egypt has received the first batch of funds from Abu <\/strong>Dhabi sovereign wealth fund ADQ<\/strong>, which agreed to pay USD 35 bn for the Ras El Hekma development rights<\/a>, President Abdel Fattah El Sisi said today during a conference, reports Masrawy<\/a>. A second payment will drop in our coffers on Friday, El Sisi said, without confirming the value of either portion. <\/p>\n

The two deposits should total USD 15 bn: <\/strong>ADQ agreed to make the first USD 15 bn payment for the rights within a week of signing the agreement, which took place last Friday. Of the first payment, USD 10 bn will be fresh inflows with an additional USD 5 bn in the form of a previous UAE deposit at the CBE. The remaining USD 20 bn will be paid within two months in the form of fresh funds and existing deposits. <\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

The run for POTUS continues to take over headlines in the international press. <\/strong>Both Donald Trump, who\u2019s been dominating the Republican primaries, and incumbent Joe Biden, came out on top in their respective party\u2019s primaries in Michigan last night. But, it won\u2019t necessarily be smooth sailing for the candidates going forward considering Nikki Haley\u2019s still-significant level of support, and the widespread disapproval of Biden\u2019s handling of Israel\u2019s war on Gaza reflected in the more than 100k \u201cuncommitted\u201d votes. Michigan was the last major primary ahead of Super Tuesday on 5 March. (Associated Press<\/a> | Washington Post<\/a> | New York Times<\/a>) <\/p>\n

<\/a> <\/p>\n

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