ECONOMY

UAE to continue political, economic support to Egypt after poll: report

More such aid will be vital for any new president as he tries to rescue the economy. (File Photo: Reuters)

The United Arab Emirates will continue its political and economic support for Egypt after a presidential election next week that is expected to be won by former army chief Abdel Fattah al-Sisi, Egypt's state news agency reported on Saturday.

Wealthy oil-producing Gulf Arab states including the UAE showered billions of dollars in cash and petroleum products on Egypt after Sisi ousted the democratically elected President Mohamed Mursi of the Muslim Brotherhood last July.

More such aid will be vital for any new president as he tries to rescue the economy battered by three years of political turmoil since the fall of Hosni Mubarak in 2011.

Sisi has said that, if he won the election, he would rely on foreign investment and continued Gulf aid to finance mega-projects that he has only vaguely outlined during his campaign.

The UAE official in charge of aid to Egypt, State Minister Sultan Ahmed al-Jaber, said the UAE regarded the May 26-27 vote a "a new starting point".

"We will continue to provide political and economic support," Jaber said in comments published by Egyptian state news agency MENA.
 

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Last Update: Saturday, 24 May 2014 KSA 20:35 - GMT 17:35
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UAE to continue political, economic support to Egypt after poll: report
Sisi has said that, if he won the election, he would rely on foreign investment and continued Gulf aid to finance mega-projects
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