The UAE and Egypt launched a giant $20 billion joint investment program Thursday to develop “economic and social projects,” as Cairo seeks assistance to boost its sagging economy. Abu Dhabi Crown Prince Sheikh Mohammad bin Zayed Al-Nahyan made the announcement while receiving Egyptian President Abdel-Fattah al-Sisi on a visit to the Emirati capital.
“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,” the crown prince said in a tweet.
He added that he and Sisi discussed ways to strengthen relations and enhance coordination.
The UAE has been a firm regional backer of former army chief Sisi since the Egyptian military overthrew Islamist President Mohammad Morsi in 2013.
“Egypt’s security is as important as the UAE’s security, and its progress, development, and stability are important to the UAE and all Arab countries,” Sheikh Mohammad said, according to a statement carried by the UAE state news agency WAM.
The Daily Star