Egypt's presidency spokesperson Bassem Radi has announced that Egypt and the United Arab Emirates are to set up a $20 billion strategic investment platform for joint projects.

According to Radi, the platform will invest in a various fields and assets through the UAE's Abu Dhabi Development Holding Company and Egypt's sovereign wealth fund.

Radi added that this partnership will establish specialised funds for investment in manufacturing, traditional and renewable energy, IT, the food industry, real estate development, tourism, medical care, logistical services, financial services and infrastructure.

The statements of Radi came amid President Abdel-Fattah El-Sisi's two-day visit to the UAE.

On Thursday, the Egyptian president signed with Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohammed Bin Zayed Al-Nahyan a number of agreements.

Egypt's sovereign wealth fund capital amounts to EGP 1 billion according to Minister of Finance Mohamed Maait. The fund was created by Law 177 of 2018 with the aim of managing the country's state-owned assets.