Monday, 01 June 2020

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The largest investment platform between Egypt and the UAE The largest investment platform between Egypt and the UAE

The largest investment platform between Egypt and the UAE

The UAE and Egypt have announced a $ 20 billion joint investment program during a visit by Egyptian President Abdel Fattah El Sisi to Abu Dhabi.

Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan said on his Twitter account, "I have launched with my brother President Abdel Fattah El Sisi a joint investment platform between the UAE and Egypt worth $ 20 billion."

He added that the investments aim to "implement vital projects in areas of great economic and social feasibility."

Sheikh Mohammed said: "I discussed with my brother President Abdel Fattah El Sisi ways to strengthen and develop our brotherly relations in various fields, and cooperation and coordination on all regional and international events and developments, and issues of common concern."

In November 2016, Cairo received a $ 12 billion (€ 10.7 billion) support package from the IMF following a government reform program.

Egypt's annual inflation rate fell to its lowest level in almost a decade, reaching 2.4% by the end of October, according to the latest official statistics, due to the decline in food prices under the government's economic reform program.

The UAE and Egypt have maintained close political ties since Sisi took office following the ouster of Islamist ruler Mohamed Morsi, a member of the Muslim Brotherhood.

The two countries, as well as Saudi Arabia and Bahrain, severed ties with Qatar in June 2017 on charges of hosting extremist groups and Muslim Brotherhood figures.

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