A second batch of $5 billion will be received on Friday, Madbouly added in a cabinet meeting on Thursday.

Apart from the 35 percent stake in the project, Egypt will receive the remaining sum within two months, the premier stated.

He explained that the government will form a ministerial committee, chaired by the prime minister, to facilitate all measures and remove any obstacles to the Ras El-Hekma development project.

Last Friday, Egypt and Emirati investors signed a historic deal to build a new multi-billion state-of-the-art city in Ras El-Hekma, including a massive urban, business, and tourism centre.

The project, located west of Alexandria on the North Coast, will be implemented by the New Urban Communities Authority and the Abu Dhabi Development Holding Company, owned by the Government of Abu Dhabi.

Madbouly asserted that the Egyptian state is keen on ensuring the success of this mega development project to serve as a model for establishing other investment partnership deals that generate significant revenues.

He underlined that building such major investment projects clearly shows the attractive investment climate in Egypt and reflects great confidence in the national economy.

Furthermore, Madbouly noted that the Ras El-Hekma development project is the beginning of reforming the economy, stressing that the government will continue rationalising investment spending, enhancing governance, and increasing the private sector's contribution to the national economy.

At the end of the meeting, the PM said the Ministry of Public Business Sector received $520 million from the recently announced hotel deal.