UAE, Egypt launch $20bn joint investment platform

Egyptian president Abdel Fattah El Sisi also receives the country's highest civilian honour during visit to Emirates

Photo: WAM Egyptian President Abdel Fattah al-Sisi (L) meets with Abu Dhabi's Crown Prince Mohammed bin Zayed Al Nahyan

The UAE and Egypt will establish a $20bn investment fund, Sheikh Mohamed bin Zayed announced on Thursday. The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces launched the fund, along with Egyptian president Abdel Fattah El Sisi, during Mr El Sisi's two-day visit to the Emirates.

The joint investment fund will implement social and economic projects for both countries.

"Together with my brother, President Abdel Fattah El Sisi we launched a joint strategic investment platform between the UAE and Egypt worth $20bn to implement vital economic and social projects for our brotherly countries," Sheikh Mohamed bin Zayed said on Twitter.

The pair also held a meeting where they discussed "ways to strengthen our brotherly relations in various fields and enhance co-ordination on all regional and international events, as well as issues of mutual interest," Sheikh Mohamed said. The Crown Prince also bestowed the Order of Zayed, the UAE's highest civilian honour, on Mr El Sisi at Qasr Al Watan.

Mr El Sisi arrived at the palace just after midday, flanked by a guard of honour as the Al Fursan aerobatic team soared overhead. Egyptian and UAE flags fluttered in the breeze. He was accompanied by a high-level delegation including Sameh Shoukry, Minister of Foreign Affairs, Maj Gen Abbas Kamel, chief of the Egyptian General Intelligence; and Sharif Al Badawi, Egyptian Ambassador to UAE.

It is Mr El Sisi’s second visit in less than two years and underlines the strong relationship between the two countries. In 2018, the UAE and Egypt established a strategic partnership to boost the performance of the Egyptian government. But ties between both countries stretch back years. Major deals are expected to be signed during the visit.

Similar articles

  • World food prices slump for first time in a year

    World food prices slump for first time in a year

    United Nations food agency (FAO) announced that world food prices posted in June their first fall in 12 months. The decline in prices was largely driven by cheaper vegetable oils in addition to cheaper cereals and dairy products, Reuters elaborated. FAO also said that worldwide harvests of cereals would result in almost nearly 2.817bn tonnes in 2021. That estimate is slightly weaker than previously forecast, but still on course to hit an annual record.

  • UK aims to join Asia-Pacific free trade accord

    UK aims to join Asia-Pacific free trade accord

    The United Kingdom plans to launch negotiations to join the Asia-Pacific free trade pact, BBC reported. Those intentions are targeted to secure to businesses from Britain to "some of the biggest economies of the present and future", the government said. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) consists of 11 countries and includes Australia, Canada and Japan. Membership in the pact would result in reduction of tariffs on exports such as cars and whisky.