Egypt Daily News – In March 2024, short-term deposits from Arab countries in Egypt saw a significant decrease, dropping to $11.1 billion from $16.5 billion at the end of December 2023, as reported by the Central Bank of Egypt. Meanwhile, medium- and long-term Gulf deposits remained stable at approximately $14.95 billion.
Among the short- and long-term deposits, the UAE holds around $5.7 billion, Saudi Arabia $5.3 billion, and Kuwait $4 billion.
Additionally, Egypt has engaged in substantial investment agreements, including a notable $35 billion deal with the UAE to develop the coastal city of Ras El Hekma.
In support of this development, Egypt received $15 billion from the Abu Dhabi Development Company (ADQ) in March and an additional $20 billion in May. These transactions also included the settlement of $11 billion of UAE deposits with the Central Bank.
By the end of March, Egypt had successfully settled $5.4 billion of the short-term deposits from Arab countries, which encompassed a $5 billion deposit related to the Ras El Hekma City project.
