Having come through Egypt’s worst economic crisis in decades relatively unscathed, its banks are ready to reap the medium- and long-term benefits accruing from the country’s dramatic rescue by Abu Dhabi’s sovereign wealth fund, ADQ, and the IMF.
Long-standing concerns over the mechanisms of a long-anticipated, further devaluation of the Egyptian pound — seen as a necessary step to attract sorely needed foreign currency investment — were dramatically put to bed in late February with ADQ’s announcement of a $35bn investment in the coastal real estate project of Ras al-Hekma.
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