Sisi, UAE FM discuss boosting Emirati investments in Egypt in energy, transport, ports, tourism

Amr Kandil , Sunday 26 Jun 2022

Egyptian President Abdel-Fattah El-Sisi and UAE’s Minister of Foreign Affairs and International Cooperation Abdullah bin Zayed Al-Nahyan discussed means of boosting Emirati investments in Egypt in various fields, especially energy, transportation, ports and tourism.

Egyptian President Abdel-Fattah El-Sisi meets with UAE s Minister of Foreign Affairs and International Cooperation Abdullah bin Zayed Al Nahyan in Egypt, 26 June 2022. Egyptian Presidency


El-Sisi received on Sunday Sheikh Abdullah with the attendance of Egyptian Minister of Foreign Affairs Sameh Shoukry, CEO of Abu Dhabi state holding company ADQ Mohamed Hassan Al-Suwaidi and Emirati Ambassador to Cairo Maryam Al-Kaabi, Egyptian Presidential Spokesman Bassam Rady said in a statement.

El-Sisi and Sheikh Abdullah discussed enhancing bilateral relations at all levels, especially economic ties and investments.

The president highlighted the special relations between Egypt and the UAE, which have extended for decades since the late UAE President Sheikh Zayed Al-Nahyan, hailing the Emirati’s supportive stances toward Egypt during many historical milestones.

The meeting comes a month after the UAE’s government announced allocating an investment fund of $10 billion run by the state-owned ADQ for joint projects with Egypt and Jordan as part of a newly launched partnership industrial initiative.

Egypt, UAE and Jordan launched a joint initiative of integrated industrial partnership for sustainable economic development in Abu Dhabi late last month to achieve sustainable economic development among the three countries.

Strategic ties, regional issues

The Emirati FM underscored his keenness to enhance strategic relations with Egypt in a way that achieves the two countries’ joint interests and enhances security and stability in the region.

This comes in light of the Egyptian efforts to preserve security and peace in the region during the current critical period marked with growing challenges, the statement read.

El-Sisi and Sheikh Abdullah discussed developments in regional situations and issues of mutual concern.

In this regard, the Emirati FM praised Egypt’s pivotal role in the region as a main pillar of security and stability in the Arab world. He hailed Egypt’s role in enhancing solidarity among African countries and boosting joint Arab work.

For his part, El-Sisi hailed the important role played by the UAE and the Emirati leadership in the face of challenges facing the Arab countries.

Boosting investments

Egypt and UAE have shared warm relations, including at the economic level, over the past decades, maintaining a consensus on regional issues. The UAE has been keen to boost investments in Egypt in various fields over the recent years.

The volume of Emirati investments in Egypt amounts to $20 billion and is expected to rise to $35 billion within five years, Secretary-General of the UAE International Investors Council (UAEIIC) Jamal Al-Jarwan said in a meeting with Egyptian Prime Minister Mostafa Madbouly in Abu Dhabi late in May.

Trade volume between Egypt and the UAE hit more than $3.6 billion in 2021, according to earlier data released by the Egyptian Ministry of Trade and Industry.

The Emirati FM’s visit to Egypt comes a day after Qatari Emir Tamim bin Hamad Al-Thani concluded a visit to Cairo, where he affirmed to El-Sisi his keenness to continue boosting Egyptian-Qatari cooperation in various fields by maximising investments in Egypt.

Saudi Crown Prince Mohammed bin Salman also made a two-day visit to Egypt last week as part of a regional tour that included Jordan and Turkey.

During the visit, Egypt and Saudi Arabia signed 14 investment agreements worth $7.7 billion in several fields, including petroleum, renewable energy, green hydrogen, IT, e-commerce, pharmaceuticals, infrastructure and cyber security.

Saudi Arabia plans to make investments worth $30 billion in Egypt, according to a joint Saudi-Egyptian communique issued in light of the crown prince’s visit.

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