What is the next deal after the sale of Ras El Hekma in Egypt?/ Al-Arabi Al-Jadeed
These days, Egyptians are asking three fundamental questions, all related to the state’s assets, public money, and the fate of huge sales deals. Most importantly, what will be the benefit to them, the state, its economy, and its financial and investment position from all these successive and valuable deals?
The first question is that after the sale Ras El Hikma area For the Emirates, what is the role of any “cape” in Egypt specifically, the charming Ras Jamila in Sharm El-Sheikh, which is located on the Red Sea coast in South Sinai Governorate, Umm Ras al-Bar, Umm Ras Muhammad, Umm Ras Gharib, or the Ras Shaitan area, which is located between the cities of Nuweiba and Taba. In South Sinai, it is one of the most beautiful places that can be visited in the charming tourist area of the Red Sea, Umm Ras Hadaraba, which is the last Egyptian village on the Sudanese border, and it has the largest land outlet on the southern border of Egypt.
Who will buy the next capital in Egypt and win the deal to acquire the most beautiful tourist areas in the country in exchange for the buyer dropping part of his debts owed to the Egyptian state?
As for the second question, if the UAE won the Ras al-Hikma deal in exchange for paying $35 billion, and Saudi Arabia is on its way to winning Ras Jamila, as Egyptian and Saudi websites are reporting these days, then what about the share of Kuwait, which is the third Gulf country that gave the Egyptian government billions of dollars? In the period following July 2013, what about the remaining deposits of other Gulf countries, including Qatar and the Sultanate of Oman?
As for the third question, which is the most important from my point of view: Will the Egyptian government continue its policy? Selling state assets For the wealthy Gulf countries whenever they are exposed to a financial and economic crisis and “slagged on a few dollars,” or wish to write off part of the debts owed by the state, which total more than $168 billion by the end of last year 2023? Of which, approximately $31 billion are in the form of deposits due to Gulf countries at the Central Bank of Egypt by the end of last year 2023?
Last February, the UAE won a deal Buy Ras Al-Hikma located on the coast of the Mediterranean Sea, in exchange for $35 billion, and a promise to pump investments estimated by the Egyptian and Emirati governments at about $150 billion. Egypt has already received $15 billion of the amount, including $10 billion in cash and $5 billion that the Abu Dhabi government gave up to the Central Bank of Egypt in exchange for the equivalent in pounds. Egyptian.
The remainder of the deal’s value, amounting to $20 billion, is scheduled to be pumped within weeks, as the Egyptian government announced several times. This was the largest sale or investment deal in the history of the Egyptian state. So what about the next deal?
These days, news and reports have increased that talk about Saudi Arabia’s desire to give up its deposits with the Central Bank of Egypt, amounting to $10.3 billion, including $5 billion short-term, in exchange for completing… Nice header dealAnd the acquisition of a number of government companies in Egypt, including Seera Company, which specializes in the educational services sector, and which operates 27 schools owned by it, in addition to purchasing 5 other companies operating in various activities such as real estate development, health, energy, electricity, financial services, and food.
We do not know the position of Kuwait, the third country in terms of the value of Gulf deposits with the Central Bank of Egypt, as it renewed a deposit worth $4 billion at the end of 2023, and whether it is already negotiating to acquire a valuable capital and purchase an expensive asset in Egypt.
Later, other Gulf countries may join the negotiations to acquire Egyptian assets, including Qatar, which deposited four billion dollars with the Central Bank of Egypt in 2022, and pledged to pump five billion dollars in the form of deposits in the Central Bank and direct investments.
The question here is: What will the citizen receive directly from all these deals? Will it be translated into job opportunities, improving the standard of living, restoring the prestige of the local currency, preventing the erosion of local savings, increasing local production, and combating inflation, or will the proceeds be directed to pay off debts owed by the state, about which the citizen knows nothing until the time of payment?