Gulf stability crucial for Egypt’s national security, says PM

Egyptian interim Prime Minister Hazim al-Beblawi likened violations on the security of Gulf states to harm against his country’s national security during his second-day visit to the UAE on Sunday.

Beblawi’s statement came after a deal signed with the UAE on Saturday for $1.9 billion in new loans, fuel supplies and other assistance.

He said Egypt will benefit from the UAE’s experience in boosting small and medium enterprises (SMEs).

Egypt and the UAE will delve into “all the opportunities that will benefit cooperation between the two countries,” he added.

“Our relationship with the UAE doesn’t only stop at the two governments collaborating but will also include the private sector,” he said, adding “the UAE has the second largest [amount of] Arab investments in Egypt, and we are ready to take notes and reduce obstacles faced by investors.”

Following the ouster of the Muslim Brotherhood-led government of President Mohammad Mursi in July, the UAE promised $3 billion in aid as part of the overall $12 billion aid package from Gulf states.

Meanwhile, Beblawi said Mursi’s Muslim Brotherhood movement’s brief rule in Egypt tarnished the country’s image and its own.

The official UAE news agency WAM said the new pact with Egypt provides a framework for aid to the country and could open the door for more assistance.

(With the Associated Press)