From the UAE deal… the Egyptian treasury gets billions of pounds

Egyptian Finance Minister Mohamed Maait said that 179 billion pounds had been transferred to the state treasury from the Ras El Hekma city development project, amounting to about 1.3% of the gross domestic product.

The minister added: “We recorded a primary surplus during the first 9 months of the current fiscal year 2023-2024, at a value of 416 billion pounds, at a rate of 3% of the gross domestic product, compared to 50 billion pounds, at a rate of 0.5%, in the same period of the last fiscal year, with an annual growth rate of more than 8 times.” And half the time.”

The minister explained that the total value of the state’s public revenues during the past nine months rose to 1.453 trillion pounds, with a growth rate of 57.1% over the same period of the previous year and a rate of 38% without taking into account what reached the treasury from the Ras al-Hikma project.

He confirmed an increase in non-tax revenues by 122.9%, in addition to an increase in tax revenues of more than one trillion pounds by 41.2% as a result of mechanization works and expansion of the tax base and without imposing any new burdens on citizens or investors during the period from July to March 2024, compared to last year, taking into account Consider increasing non-sovereign tax revenues by 32% and sovereign tax revenues to 83%. (RT)