The United Arab Emirates and Egypt launched a $20 billion joint investment program on Thursday to develop “economic and social projects”.
Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan made the announcement during a visit to Abu Dhabi by Egyptian President Abdel Fattah el-Sisi.
“We launched a joint strategic investment platform between the UAE and Egypt worth $20 billion to implement vital economic and social projects for our brotherly countries,” Sheikh Mohammed said in a tweet.
He added that he discussed with Sisi ways to strengthen relations and enhance coordination.
Sisi arrived in Abu Dhabi on Wednesday on a two-day state visit to the UAE. He was received by the Crown Prince of Abu Dhabi upon his arrival at the airport.
The two leaders held talks about the fraternal ties connecting the two countries and their peoples, as well as Arab and international interests of mutual interest, MENA news agency reported.
The visit comes within the framework of important regional developments, including the Israeli aggression on the Gaza Strip, the Turkish intervention in Syria, and the unrest in Libya, Yemen and Iraq.
Sheikh Mohammed bin Zayed welcomed the Egyptian president in a tweet saying: “Emirati-Egyptian relations are historic and strategic.”
He added that the two countries want to strengthen and develop those ties to serve both countries and peoples.
The UAE is ranked first in the world and the Arab region in terms of foreign direct investment in Egypt, amounting to about $6.663 billion in 2018, compared to some $6.513 billion in 2017.
The value of trade between the two countries from January to October 2018 amounted to around $3 billion while the number of Emirati companies operating in Egypt totalled 1,065 in March 2019, compared to 923 in 2017.
Many agreements and protocols have been signed by the two countries in agriculture, trade, economic and technical cooperation and investment promotion.
They established a high joint committee and agreed to a cooperation between the General Union of Chambers of Commerce and the Federation of Chambers of Commerce and Industry Abu Dhabi.
UAE’s Consumer Cooperative Union and the General Union of Cooperatives in Egypt also signed an agreement.
The two countries also signed a memorandum of understanding (MoU) between the Abu Dhabi Future Energy Company (Masdar) and the General Authority for Investment of Egypt.
Source: Asharq Al-Awsat
