Egypt collects US$12 billion in revenues from Ras al-Hikma

Egyptian Finance Minister Mohamed Maait announced on Tuesday that Egypt has received about US$12 billion in revenues from the Ras al-Hikma development project.

Representing 50 percent of the revenues of the project, this will benefit the state’s general treasury.

The nation’s economic and financial performance is improving, he assured, adding that “we expect better indicators than the target by the end of June.”

Maait’s statements came during his meeting with the CEO of Morgan Stanley’s operations in the Europe, Middle East and Africa region, Claire Woodman, on the sidelines of their participation in the World Economic Forum currently being held in Riyadh, Saudi Arabia.

The Ras al-Hikma City development project confirms the ability of the Egyptian economy to attract more investment flows, the minister said, taking into account the huge investments in developing infrastructure and preparing it to accommodate more productive activities within the national economy.