UAE, Egypt plan $20 billion spending on social, economic projects

Arab World Materials 14 November 2019 18:14 (UTC +04:00)

The United Arab Emirates and Egypt plan to jointly invest $20 billion in economic and social projects, under a bilateral project announced by the crown prince of Abu Dhabi Sheikh Mohammed bin Zayed al-Nahyan on Thursday, Trend with reference to Reuters reports.

Sheikh Mohammed made the announcement on Twitter during a two-day visit to the UAE by Egypt’s President Abdel Fattah al-Sisi.

The UAE, and Saudi Arabia, have been the main backers of Sisi since he took power after the overthrow of president Mohamed Mursi in 2013.

Abu Dhabi Development Holding Company and Egypt’s sovereign wealth fund will use the funds to establish joint strategic investment projects, specialized funds and investment tools, in a number of sectors, Egyptian presidential spokesman Bassam Rady said in a statement. He did not say how much of the $20 billion would be contributed by each country. The projects would benefit both countries but there were no more details.

After Mursi was deposed, Saudi Arabia, Kuwait and the United Arab Emirates also promised Egypt a total of $12 billion in loans, grants and fuel shipments.

Mursi was leader of the Islamist movement Muslim Brotherhood which is listed as a terrorist organization in the UAE, Saudi Arabia and Egypt.