UAE, Egypt launch 20-billion-USD strategic investment platform

11:28 | 20/11/2019 Global Economy

The United Arab Emirates (UAE) and Egypt on November 14th launched a joint strategic investment platform worth 20 billion USD, official news agency WAM reported.

Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President Abdel-Fattah al-Sisi

Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan and visiting Egyptian President Abdel-Fattah al-Sisi attended the launch ceremony in Abu Dhabi.

The project is funded equally by the Abu Dhabi Development Holding company and the Misr Fund, Egypt's sovereign fund, the report said.

The partnership aims to establish joint strategic investment projects, as well as specialist funds and investment tools in several key sectors, including manufacturing, conventional and renewable energy, technology, food, real estate, tourism, health care, logistics, financial services and infrastructure.

The agreement was signed by UAE Minister of State Sultan Ahmed Al Jaber and Egyptian Minister of Planning Hala Al Saeed.

"This agreement reflects the strong ties binding Egypt and the UAE since the era of late Sheikh Zayed bin Sultan Al Nahyan that are based on prioritizing development and social services and achieving the Sustainable Development Strategy 2030 in line with the vision of President Sisi and his support for this partnership," Saeed said.

She added that this partnership is set to increase the participation of the private sector in the Egyptian economy as a key driver of economic growth.

Theo Xinhua