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.

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