UAE AND EGYPT LAUNCH $20bn INVESTMENT PROJECT
▶ Egyptian President Abdel Fattah El Sisi awarded highest civilian honour on second day of state visit to the Emirates
The UAE and Egypt will establish a $20 billion (Dh73bn) investment fund, Sheikh Mohamed bin Zayed announced on Thursday.
The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces launched the fund, along with Egyptian President Abdel Fattah El Sisi, during Mr El Sisi’s two-day visit to the Emirates.
“Together with my brother, President Abdel Fattah El Sisi, 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,” Sheikh Mohamed bin Zayed said on Twitter.
The Crown Prince also bestowed the Order of Zayed, the UAE’s highest civilian honour, on Mr El Sisi, at Qasr Al Watan. The Egyptian president joins other global leaders such as Russia’s Vladimir Putin and China’s Xi Jinping in having been awarded this honour.
Other deals struck between the two countries included measures to prevent tax evasion, insurance issues and employment.
It was a day of pomp and ceremony in Abu Dhabi. Mr El Sisi arrived at the palace just after midday, flanked by a guard of honour as Al Fursan aerobatic team soared overhead. Egyptian and UAE flags fluttered in the breeze.
It was Mr El Sisi’s second state visit in less than two years and underlines the strong relationship between the two countries. Sheikh Mohamed welcomed Mr El Sisi to his “second home”.
“The relations between the UAE and Egypt are historical and strategic and are based on trust and understanding,” said Sheikh Mohamed, noting that Founding President Sheikh Zayed considered Egypt to be the heart of the Arab region.
“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. Confronting the challenges and risks facing the Arab region requires intensifying the ongoing consultations between our countries and joint Arab action,” he said.
Mr El Sisi was accompanied by a high-level delegation including Minister of Foreign Affairs Sameh Shoukry, Maj Gen Abbas Kamel, chief of the Egypt’s General Intelligence Directorate; and Sharif Al Badawi, Egypt’s ambassador to the UAE.
Ties between the countries are deep and historic. Sheikh Zayed met Egyptian leader Anwar Sadat in Cairo in 1970, and again in 1971 when the UAE was established. Sheikh Zayed supported Egypt in the 1967 war with Israel and in 1973.
Formal support from the Abu Dhabi Fund for Development began in 1974 and by 2009 Cairo had ranked the UAE as the leading foreign government investing in Egypt. About 10 years later, the UAE and Egypt established a strategic partnership to boost the
performance of the Egyptian administration.
Since Hosni Mubarak stepped down amid protests against his rule in 2011 and Mr El Sisi took power in 2014, the UAE has consistently supported the government.
Mr Al Badawi praised the UAE for standing by Egypt during the past few years.
About 400,000 Egyptians live in the UAE, with many having played a vital role in helping to build the country. Egyptian city planner Dr Abdulrahman Maklouf, for example, helped to draw up an early master plan for Abu Dhabi. Egyptians work in many sectors, including education, engineering and hospitality.
The leaders also discussed the regional situation. Sheikh Mohamed said the two countries were fighting against extremism and terrorism and attempts to threaten the peace and security of the region’s communities by extremists.
“Egypt is a key country in the Arab region and is one of the cornerstones of Arab security,” he said. Mr El Sisi expressed his happiness at visiting the Emirates and emphasised the special relationship between the UAE and Egypt.