UAE Allocates $4 Billion in Support to Egypt

Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, bids farewell to President Abdel Fattah El Sisi after an official visit to Cairo.

Cairo, 16 Rajab 1437/23 April 2016 (MINA) – The United Arab Emirates (UAE) has pledged $4 billion in support of Egypt, of which $2 billion will be allocated for investment in a number developmental fields in Egypt, while the other $2 billion will be deposited at the Central Bank of Egypt to support the Egyptian cash reserve.

The move follows the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and orders of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, at the conclusion of his visit to the Arab Republic of Egypt, Mi’raj Islamic News Agency (MINA) rported, quoting WAM.

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This support comes in the framework of strategic co-operation and co-ordination between the two countries. It also stems from the UAE’s firm stand in support of Egypt and its people to promote the reconstruction and development process, as well as in recognition of the pivotal role of Egypt in the region.

Sheikh Mohamed bin Zayed reiterated the UAE’s support to Egypt and its people, to achieve their aspirations in the stability and development, noting that Egypt is a pillar of stability and a safety valve for the region given its strategic and security weight, and its leading role in the region.

Egypt’s economy relies heavily on its tourism industry which has been decimated by political turmoil since 2011 and more recently, terrorist attacks including the bombing of a Russian jetliner that had taken off from Sharm El Sheikh.

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The Red Sea resort was the venue of an investor conference in March last year where the UAE, Kuwait and Saudi Arabia each offered Egypt $4bn. Sheikh Mohammed bin Rashid, the Prime Minister and Ruler of Dubai, said at the time that his country’s investment would included a $2bn deposit in Egypt’s Central Bank, with the rest used to fund projects to be announced later.

Egypt has struggled to spur economic growth since its 2011 uprising ushered in political instability that scared off tourists and foreign investors, key sources of foreign currency. Earlier this month, Cairo and Riyadh signed a pact to set up a 60-billion Saudi riyal (Dh58.7bn) investment fund. (T/R07/R01)

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Mi’raj Islamic News Agency (MINA)