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Egypt, UAE set up $20bn joint investment platform

President of Egypt Abdel Fattah el-Sisi (L) meets Crown Prince of Abu Dhabi Mohammed bin Zayed Al Nahyan (R) in Abu Dhabi, United Arab Emirates on December 01, 2016 [Egyptian Presidency / Anadolu Agency]
President of Egypt Abdel Fattah Al-Sisi (L) meets Crown Prince of Abu Dhabi Mohammed Bin Zayed Al Nahyan (R) on 1 December 2016 [Egyptian Presidency / Anadolu Agency]

Egypt and the United Arab Emirates have set up a joint strategic investment platform worth $20 billion, the presidency announced yesterday.

Egyptian presidential spokesman Bassam Radi said in a statement that the platform aims to establish joint strategic investment projects, specialised funds and investment tools, in a number of sectors, including manufacturing, traditional and renewable energy, technology, food, real estate, tourism, healthcare, logistics, infrastructure and others.

The announcement came as Egypt President Abdel Fattah Al-Sisi arrived in the UAE on a two- day visit to Abu Dhabi.

Abu Dhabi Crown Prince Mohammed Bin Zayed said on Twitter that the platform aims to "implement vital projects in areas of great economic and social feasibility for our two brotherly countries and peoples".

The UAE and Saudi Arabia have supported Al-Sisi since he overthrew Egypt's first democratically elected civilian President Mohamed Morsi in a military coup in 2013. They have provided Al-Sisi's government billions in loans, grants and fuel shipments.

READ: Egypt, UAE among biggest buyers of German arms

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