Egypt received $14 billion from the United Arab Emirates on Wednesday as a second payment for the development of Ras al-Hekma peninsula west of Alexandria, a cabinet statement said. The deal with Abu Dhabi sovereign fund ADQ to develop the 200 km (125 mile) peninsula includes a total of $35 billion in investments and is one of the biggest deals of its kind. Egypt has also started working with the UAE to waive an Emirati deposit of $6 billion in the Egyptian central bank and convert its value to the equivalent in Egyptian pounds (EGP), Egyptian prime minister Mostafa Madbouly added in the statement. Egypt received $5 billion as a first payment in the property developme
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