{"id":616206,"date":"2024-03-01T00:00:00","date_gmt":"2024-03-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/01\/this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn\/"},"modified":"2024-03-01T00:00:00","modified_gmt":"2024-03-01T00:00:00","slug":"this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/01\/this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn\/","title":{"rendered":"THIS WEEKEND: Ras El Hekma investment dominates the news as the first and second batches arrive with a total of USD 10 bn from the contracted USD 35 bn."},"content":{"rendered":"

Good morning, friends. <\/strong>We hope this Friday treats you well. We are counting down the days until Ramadan begins.<\/p>\n

What would Ramadan be without the spirit of giving? <\/strong>Kicking off the season, we are sharing the lowdown on some of the Ramadan charitable boxes and bag options in the capital and the different ways you can get them to the right people: Either through the click of a button or lending a hand to the awesome folks preparing the packages.<\/p>\n

Enterprise Weekend comes out each Friday at 9:00am CLT.<\/strong> We\u2019ll be back on Sunday at 6am with Enterprise Egypt AM. Until then: Enjoy the weekend.<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

One single story drove the national narrative this week: <\/strong>The Abu Dhabi wealth fund acquiring the development rights to Ras El Hekma in a USD 35 bn agreement and the agreement\u2019s aftermath. <\/p>\n

KICKING OFF WITH MAJOR INVESTMENT NEWS\u2026 <\/strong><\/p>\n

The government dotted the Is and crossed the Ts on the mammoth Ras El Hekma <\/strong>agreement: <\/strong>The Madbouly government inked a USD 35 bn agreement<\/a> with ADQ, giving the Abu Dhabi wealth fund and longtime investor in Egypt the development rights to Ras El Hekma on the North Coast, marking the \u201clargest direct investment agreement in Egypt.\u201d<\/p>\n

ADQ on Tuesday<\/strong> deposited the first USD 5 bn of the funds<\/strong> at the Central Bank of Egypt (CBE). The CBE will receive another USD 5 bn today, Prime Minister Moustafa Madbouly confirmed in a cabinet statement<\/a> yesterday.<\/p>\n

Remember: <\/strong>ADQ agreed to make the first USD 15 bn payment for 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 will be paid within two months.<\/p>\n

Market reax: <\/strong>The EGX fell by 5.0%<\/a> at the closing bell on the Monday after the news broke, while the EGP strengthened in the parallel and derivatives markets. The USD was changing hands at EGP 47.8-48.3 on Wednesday. <\/p>\n

IMF said that the agreement is \u201ccompletely separate\u201d from IMF discussions: <\/strong>The agreement \u201cis not linked to the Fund\u2019s discussions with Egypt. These two topics are completely separate,\u201d the IMF\u2019s Middle East and Central Asia head Jihad Azour said<\/a>. That being said, IMF staff and Egyptian officials continued to make \u201cexcellent progress\u201d towards finalizing the long-stalled first and second reviews of Egypt\u2019s loan program, the Fund\u2019s director of communication Julie Kozack said<\/a> on Saturday.<\/p>\n

IN OTHER PRIVATIZATION NEWS- New investors in the running for United Bank: <\/strong>Qatar Islamic Bank (QIB) and Kuwait Finance House completed their due diligence<\/a> for United Bank in December. The transaction could reportedly reel in the USD equivalent of EGP 22 bn. <\/p>\n

AND- The government will soon launch an <\/strong>international tender<\/a><\/strong> for the management and <\/strong>operation of all the airports<\/strong> in the country.<\/p>\n

More money rolls in: <\/strong>The government also received USD 520 mn yesterday as part of the sale of seven historic hotels to Talaat Moustafa Group\u2019s Icon, Madbouly added. Icon finalized the acquisition of 51% stake in the hotels last month<\/a> for USD 800 mn.<\/p>\n

This all came as good news for the EGP:<\/strong> The strengthening of the EGP in the parallel market indicated the EGP could trade between 45-50 against the greenback in the event of a devaluation, Goldman Sachs wrote in a note of their five key takeaways<\/a> on the state of the economy. The Ras El Hekma agreement was an \u201cinflection point\u201d alleviating FX supply pressures, which \u201cis likely to sharply reduce speculative\/hedging demand for FX, driving the parallel rate lower,\u201d the note wrote.<\/p>\n

ENERGY- <\/strong><\/p>\n

Egypt announces USD 41 bn worth of investment in green hydrogen and rene<\/strong>wable<\/strong>: Egypt has inked seven MoUs with international and local companies to develop green hydrogen and renewable energy projects worth USD 41 bn in the Suez Canal Economic Zone over the next ten years, according to a statement<\/a> from the cabinet.<\/p>\n

AND A TAD OF TELECOMS UPDATES <\/strong><\/p>\n

Telecom Egypt and Chinese tech giant Huawei announced a partnership to <\/strong>deploy<\/a><\/strong>5G services<\/a><\/strong> in Egypt. <\/strong>The partnership has enabled Huawei \u2014 a world leader in 5G technology \u2014 to establish 5G sites in \u201chotspot areas\u201d throughout Egypt.<\/p>\n

\n

AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

<\/p>\n

WAR IN GAZA-<\/strong><\/p>\n

Over one quarter of Gazans are on the verge of famine<\/strong>. It is \u201calmost inevitable\u201d that a widespread famine will occur if action is not taken, warned<\/a> a senior UN aid official at the UN Security Council earlier this week. <\/p>\n

Egypt, Qatar could help form a new Palestinian technocratic government: <\/strong>A new<\/a>Palestinian technocratic government<\/a> following the resignation of Palestinian Prime Minister Mohammad Shtayyeh on Monday would be aided by both Egypt and Qatar, Palestinian Ambassador to the UK Husam Zomlot said. Although the new government to run Palestine, once Israel\u2019s war on Gaza is over, will not contain any Hamas members, the group and all other Palestinian parties and factions will take part in the consultations to set up the new entity, Zomlot added.<\/p>\n

The newsflow of the international business press was awash with <\/strong>stories on one tech<\/a><\/strong>giant in particular<\/a><\/strong>: <\/strong>Apple is ending its secretive, decade-long effort to build an electric car | The US Department of Justice may be on the verge of hitting Apple with an antitrust suit | Apple shareholders want the iPhone maker to be more transparent about its guidelines for the ethical use of AI. <\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

?\ufe0f <\/strong>THE WEATHER THIS WEEKEND- <\/strong>Friday brings us a warm day with an afternoon high of 30\u00b0<\/strong>C and an early morning low of 14\u00b0<\/strong>C . Meanwhile, Saturday is slightly cooler with a high of 26\u00b0<\/strong>C before dropping to a low of 15\u00b0<\/strong>C later in the night, according to our favorite weather app. <\/p>\n

HAPPENING THIS WEEKEND- <\/p>\n

ARTS-<\/strong><\/p>\n

Cairo Design Week is coming to a close this weekend. <\/strong>The week-long event is allocated in five different areas in Cairo: The Citadel, Heliopolis, Downtown, Zamalek, and Maadi, and brings creatives and industry experts together in a venue that showcases the latest in Egypt\u2019s design industry. Get your ticket now through their website<\/a>.<\/p>\n

Bibliothek Art Gallery is hosting an artist talk <\/strong>featuring Amani Mousa, Eman Hussin, and Yasmine Shash, moderated by Ismail Fayed, to discuss their Lines of Intimacy Exhibition<\/a> which continues untiltomorrow. You can find the catalog here<\/a>. <\/p>\n

ENTERTAINMENT-<\/strong><\/p>\n

Like comedy and want to get in on the fun?<\/strong> Presented by Al Mothalas, El Khatba<\/a> is an interactive comedy experience at Rawabet Art Space<\/a> tonight at 8pm. <\/p>\n

EVENTS-<\/strong>. <\/p>\n

Bibliothek Egypt is hosting yet another <\/strong>book signing<\/a><\/strong> for Reem Basyuni\u2019s two latest <\/strong>works<\/strong>, Mario Abu al-Abbas and In Search of Happiness, tonight at 6:30pm. Along with the book signing will be a seminar titled Architecture and Impact.<\/p>\n

Fancy yourself a detective?<\/strong> Murder-mystery fans can pull out their magnifying glasses to crack this case. Cluedupp and Crime Scene Investigator are staging a hard-boiled outdoor event tomorrow where you have to solve four murders around the city by solving puzzles, interrogating witnesses, and hunting for clues. Find more details here<\/a>.<\/p>\n

For all the mothers who need a break \u2014 or a bit of fun \u2014 <\/strong>Rahet Bally<\/a><\/strong> is collaborating with<\/strong>El Malahy<\/a><\/strong> to give moms a day of fun with their children tomorrow. All you have to do is download the Rahet Bally app<\/a>, sign up for entry without charge for you and your kids, and buy your playing credit \u2014 at a marked-down price \u2014 for you to play all day alongside endless competitions and prizes.<\/p>\n

Dust off your tote bags: The <\/strong>Cairo Flea Market<\/a><\/strong> is back at the <\/strong>Zamalek Fish Garden<\/a><\/strong>tomorrow. You\u2019ll have a day of second-hand shopping where you can browse the products of over 250 local vendors selling handmade products, antiques, secondhand items, and more. It only happens once a month so be sure not to miss it. The market runs from 11am to 7pm but we\u2019d recommend getting there early to avoid the crowds.<\/p>\n

HAPPENING NEXT WEEKEND- <\/p>\n

ARTS-<\/strong><\/p>\n

Catch a glimpse of Egyptian cinema through <\/strong>Mohamed Bakr\u2019s<\/a><\/strong> lens at <\/strong>Photopia<\/a><\/strong> in Fifty<\/a>Years of Cinematic Portraits<\/a>. This exhibition opened yesterday and continues until Saturday, 9 March (except for Sunday) where you\u2019ll get to see a selection of portraits taken from his extensive collection of over 2000 artistic works captured since 1956. The exhibition showcases around 100 images from 80 films, covering various genres including literature, cinema, performance, comedy, and realism.<\/p>\n

COMMUNITY SERVICE- <\/strong><\/p>\n

Join <\/strong>Ultra Ibex<\/a><\/strong> on their <\/strong>Wadi Degla clean-up event<\/a><\/strong> this Saturday, 9 March. All you have to do is wear your trainers, sunglasses, and refillable water bottles and head down to Wadi Degla Protectorate<\/a> at 10am. You can sign up here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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We hope this Friday treats you well. We are counting down the days until Ramadan begins. What would Ramadan be without the spirit of giving? Kicking off the season, we are sharing the lowdown on some of the Ramadan charitable boxes and bag options in the capital and the different ways you […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/01\/this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2024-03-01T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2236.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/01\/this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/01\/this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"THIS WEEKEND: Ras El Hekma investment dominates the news as the first and second batches arrive with a total of USD 10 bn from the contracted USD 35 bn.","datePublished":"2024-03-01T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/01\/this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn\/"},"wordCount":1482,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/01\/this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2236.jpg?fit=%2C&ssl=1","keywords":["ADQ","Enterprise Weekend","Ras El Hekma","THE WEEK IN REVIEW"],"articleSection":["THE WEEK IN REVIEW"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/01\/this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn\/","url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/01\/this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn\/","name":"THIS WEEKEND: Ras El Hekma investment dominates the news as the first and second batches arrive with a total of USD 10 bn from the contracted USD 35 bn. - 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The mercury is racing upwards and many of us stuck in the city are looking for ways to keep busy until we can escape to the North Coast.Won\u2019t get up early for breakfast and can\u2019t commit to lunch? Then check out our tried and\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/898.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":703091,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/18\/eltawkeel-launches-fully-integrated-digital-auto-sales-platform\/","url_meta":{"origin":616206,"position":1},"title":"ElTawkeel launches fully integrated digital auto sales platform","author":"enterpriseam admin","date":"18 May 2026","format":false,"excerpt":"Plus: Modon Holding is partnering with the ultra-luxury hospitality brand Montage to launch Montage Ras El Hekma","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/5\/992.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":646994,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/04\/egypt-uae-will-lay-the-foundation-stone-for-ras-el-hekma-project-today\/","url_meta":{"origin":616206,"position":2},"title":"Egypt, UAE will lay the foundation stone for Ras El Hekma project today","author":"enterpriseam admin","date":"4 October 2024","format":false,"excerpt":"Good morning, friends, and a very happy Friday to you all. This long weekend is much needed after a busy week of news, and we hope you have some fun plans to fill it up with.Enjoying the holiday at home? Maybe you should spend it planning an upgrade. This week\u2019s\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/898.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616101,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/this-evening-adq-pays-up-the-first-chunk-of-its-investment-for-ras-el-hekma-development-rights\/","url_meta":{"origin":616206,"position":3},"title":"THIS EVENING: ADQ pays up the first chunk of its investment for Ras El Hekma development rights","author":"enterpriseam admin","date":"28 February 2024","format":false,"excerpt":"Good afternoon, folks, and happy almost-Thursday. 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.THE BIG STORY TODAY The Central Bank of Egypt has received the first batch of funds from\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/moneymoneymoney-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616237,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/investors-turn-more-bullish-on-egypts-economy-as-proceeds-from-ras-el-hekma-sale-enter-state-coffers\/","url_meta":{"origin":616206,"position":4},"title":"Investors turn more bullish on Egypt\u2019s economy as proceeds from Ras El Hekma sale enter state coffers","author":"enterpriseam admin","date":"3 March 2024","format":false,"excerpt":"Egypt received USD 10 bn from Ras El Hekma sale over the weekend in addition to USD 520 mn from the historic hotels sale","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/15.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619982,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/second-usd-20-bn-tranche-of-ras-el-hekma-funds-land-in-state-coffers\/","url_meta":{"origin":616206,"position":5},"title":"Second USD 20 bn tranche of Ras El Hekma funds land in state coffers","author":"enterpriseam admin","date":"14 May 2024","format":false,"excerpt":"The tranche consists of USD 14 bn fresh inflows and USD 6 bn in the form of a previous UAE deposit at the central bank","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/898.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=616206"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616206\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/616204"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616207"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616206"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616206"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}