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Egypt’s dollar bonds rallied across the curve by 2.5-5 points after the nation sealed its biggest deal ever with the UAE agreeing to invest $35bn for development projects. The investment plan involves developing a premium area on Egypt’s Ras El-Hekma coast wherein, wealth fund ADQ said it will purchase Ras El-Hekma development rights for $24bn and invest $11bn. ADQ will lead a consortium to develop the coast and attract over $150bn in project investments. Egypt’s Prime Minister Mostafa Madbouly said that they would receive $24bn in liquidity thanks to the deal. He added that the new deal would see them “very, very few steps” away from reaching an IMF deal as it may allow Egypt to pursure a currency devaluation thanks to the influx of dollar liquidity. UAE’s investment is expected to come in to two tranches where $15bn would come within a week and $20bn two months later.
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