ECONOMY

UAE, Egypt launch $20 bln investment platform: Abu Dhabi Crown Prince

Egyptian President Abdel Fattah al-Sisi and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan attend a welcome ceremony in the Emirati capital. (Credit: AFP)

The UAE and Egypt have agreed on a $20 billion strategic investment platform for economic and social projects, according to a tweet by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan.

Egyptian President Abdel Fattah al-Sisi is currently on an official state visit to the UAE.

The UAE and Egypt are working closely together to promote toleration and combat extremism in the region, UAE Ambassador to Egypt Juma Aljunaibi told Al Arabiya English, as Egyptian President Abdel Fattah al-Sisi visited Abu Dhabi on Thursday.

“Politically, the UAE and Egypt face the same direction in addressing many of our region’s complex dynamics, particularly in efforts to promote tolerant societies and the fight against extremism,” said Ambassador Aljunaidi in an interview with Al Arabiya English.

Sheikh Mohammed said the idea behind the platform is to “implement vital economic and social projects for our brotherly countries.”

Economically, Egypt is a strategic business partner for the UAE, a key destination for Emirati tourists, and an attractive investment destination for Emirati investors, said Ambassador Aljunaibi.

In March 2019, Egypt and the UAE inked memorandums of understanding (MoU) to focus on ensuring integrated management of water resources, and to address cooperation in the this field.

Egypt has also received high levels of foreign aid from the UAE. In 2014, Egypt enjoyed the equivalent of approximately 52 percent of the UAE’s foreign aid.

“The UAE is solely concerned with boosting the prosperity of Egypt and its people through aid and development assistance,” Ambassador Aljunaidi said. “It’s not just about helping people; it’s about helping develop Egypt’s economy to achieve a positive impact on the region as a whole.”

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Last Update: Thursday, 14 November 2019 KSA 13:29 - GMT 10:29
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