UAE allocates $4bn grant to Egypt

The crown prince of Abu-Dhabi has announced that the UAE is to grant Egypt $4 billion, half in terms of investment and the balance in cash. Mohammed Bin Zayed Bin Sultan Al-Nahyan, who is also the Deputy Supreme Commander of the UAE Armed Forces, made his comments in Cairo on Friday.

This grant, said the UAE official, demonstrates the UAE’s strong mutual relationship with Egypt, which has a “pivotal role” in the region. According to the UAE News Agency, Al-Nahyan met Egyptian President Abdel Fattah Al-Sisi and discussed “security challenges that aim to destabilise the region, violence and extremism, as well as the acts of terrorist groups.”

Both leaders, the agency said, stressed the importance of concerted efforts, cooperation and solidarity against the threats of foreign interference intended to undermine the foundations of stability and security in the Arab region. “There is a need for strong and effective platforms for joint Arab action that will confront the sources of threat and eliminate the dangers of extremism and terrorism in the region,” they added.