{"id":616145,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/el-sisis-address-announcing-the-arrival-of-the-first-tranche-of-ras-el-hekma-funds-dominated-the-airwaves-last-night\/"},"modified":"2024-02-29T00:00:00","modified_gmt":"2024-02-29T00:00:00","slug":"el-sisis-address-announcing-the-arrival-of-the-first-tranche-of-ras-el-hekma-funds-dominated-the-airwaves-last-night","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/el-sisis-address-announcing-the-arrival-of-the-first-tranche-of-ras-el-hekma-funds-dominated-the-airwaves-last-night\/","title":{"rendered":"El Sisi\u2019s address announcing the arrival of the first tranche of Ras El Hekma funds dominated the airwaves last night"},"content":{"rendered":"

President Abdel Fattah El Sisi\u2019s address during an event celebrating<\/strong> differently-abled people dominated the airwaves last night, <\/strong>with the nation\u2019s talking heads focussing in on the El Sisi\u2019s announcement \u2014 and his first public comments on the Ras El Hekma agreement \u2014 that the first tranche of funds from ADQ had arrived in the nation\u2019s coffers. Needless to say, this got pundits talking about whether now is the opportune moment to embark on a long-awaited devaluation<\/p>\n

ADQ money rolls in: <\/strong>The Abu Dhabi wealth fund ADQ on Tuesday deposited the firsttranche of its USD 35 bn<\/a> Ras El Hekma investment at the Central Bank of Egypt, President Abdel Fattah El Sisi said (watch,<\/a>runtime<\/a>: 30:06<\/a>) during the event. The CBE will receive a second transfer on Friday, El Sisi said, without confirming the value of either transaction. <\/p>\n

The two deposits should total USD 10 bn: <\/strong>ADQ agreed to make the first USD 15 bn paymentfor the development rights to Ras El Hekma on the North Coast within a week of signing the agreement, which was inked last Friday. Of the first payment, USD 10 bn are fresh inflows and USD 5 bn are in the form of a previous UAE deposit at the CBE. The remaining USD 20 bn \u2014 USD 6 bn of which will be from existing deposits \u2014 will be paid within two months.<\/p>\n

To devalue, or not to devalue?<\/strong>\u201cThere is a chance that a devaluation will take place, but not one that is significant enough to justify traders\u2019 suspension of sales of a lot of commodities,\u201d economist Mostafa Badra told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (watch, runtime: 3:33<\/a>). However, the influx of FX liquidity following the Ras El Hekma agreement could postpone the EGP\u2019s devaluation for another 3 years, Badra said, adding that he expects \u201cthe movement of the exchange rateby about 5-10% over a long period that citizens won\u2019t even feel.\u201d<\/p>\n

El Sisi praised the UAE\u2019s confidence in Egypt\u2019s economy, and was thankful for its<\/strong> support: <\/strong>\u201cI have to thank our brothers in the UAE, especially his excellency President Sheikh Mohamed Bin Zayed. It\u2019s not easy at all for someone to put USD 35 bn in two months, but this is a clear form of support,\u201d El Sisi said. \u201cWe\u2019re talking about the largest tourism project in the Mediterranean \u2026 We\u2019re talking about a city that\u2019ll be continuously brimming with activity year-round,\u201d he continued.<\/p>\n

The president also spoke about the situation in Gaza: <\/strong>\u201cWe are continuing and will continue to support the Palestinian cause until we reach a Palestinian state using the 1967 borders with East Jerusalem as its capital,\u201d El Sisi said. He also reiterated that Egypt did not close the Rafah crossing, and expressed his hopes of reaching a ceasefire agreement in the coming days to enable the movement of aid into the enclave.<\/p>\n

EGP 10 bn for differently abled fund: <\/strong>During his speech, El Sisi also allocated EGP 10 bn to a fund set up to support differently abled people \u2014 dubbed the Differently Abled Fund. <\/p>\n

El Sisi\u2019s speech got coverage from <\/strong>Ala Mas\u2019ouleety (watch, runtime: 6:12<\/a>), Masaa DMC (watch, runtime: 2:25<\/a> | 3:22<\/a> | 3:06<\/a>), and Al Hayah Al Youm (watch, runtime: 3:10<\/a> | 2:<\/a>31<\/a>).<\/p>\n

ALSO ON THE AIRWAVES- Gov\u2019t to evaluate safety procedures of transport apps<\/strong> following Uber kidnapping:<\/strong> The government will review the safety procedures and the licenses given to ride-sharing app after a girl threw herself from an Uber while on a highway to escape an attempted kidnapping, House Communications Committee head Ahmed Badawi told Yahduth Fi Misr\u2019s Sherif Amer (watch, runtime: 4:16<\/a> | 3:12<\/a>). The committee will review this case during its next session, and will evaluate the safety procedures that pertain to Uber and other ride-sharing apps, Amer added. <\/p>\n

Commodity prices will continue to fall: <\/strong>The head of the Chamber of Commerce\u2019s butchers division expects that a fair price for meat to soon range between EGP 300-350 per kilo, while a member of the Chamber of Commerce\u2019s foodstuff\u2019s division said he expects the sugar crisis to come to an end within ten days due to the amount of sugar that\u2019ll be added to the market during the coming period, forecasting a kilo of sugar to decrease around EGP 10 to somewhere between EGP 30-40. Yahduth Fi Misr (watch, runtime: 6:56<\/a> | 4:<\/a>28<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

ADQ deposited the first tranche of its USD 35 bn Ras El Hekma investment at the central bank on Tuesday<\/p>\n","protected":false},"author":1,"featured_media":616146,"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":[7232],"tags":[299,317,8420,72,106,7388,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-last-nights-talk-shows","tag-adq","tag-commodities","tag-el-sisi","tag-enterpriseam","tag-last-nights-talk-shows","tag-ras-el-hekma","tag-uber","wpautop","entry"],"acf":{"mongo_id":"4c56ceb8-55ac-4055-b827-61334472f26c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2880.jpg","photo_position":"above","homepage_title":"","full_issue_title":"El Sisi\u2019s address announcing the arrival of the first tranche of Ras El Hekma funds dominated the airwaves last night","related_issue":[616130],"teaser":"ADQ deposited the first tranche of its USD 35 bn Ras El Hekma investment at the central bank on Tuesday","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.fd41466c-d958-44eb-990f-a070d32d0cc2.mp3"},"yoast_head":"\nEl Sisi\u2019s address announcing the arrival of the first tranche of Ras El Hekma funds dominated the airwaves last night - 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