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Egypt and UAE hold talks on investments

Egypt and UAE hold talks on investments

Cairo, Jun 27 (Prensa Latina) Egypt and the United Arab Emirates (UAE) tackled the promotion of Abu Dhabi's investments in this country in sectors such as energy, transportation, ports and tourism, an official source reported on Monday.
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Egyptian President Abdel Fattah el-Sisi and Emirati Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan agreed to enhance the bilateral ties, especially in economic and investment matters, Egyptian Presidential spokesman Bassam Rady said in a communique.

According to the text, both, El-Sisi and Sheikh Abdullah, highlighted the historical ties between the two nations.

The meeting took place a month after the announcement by the Emirati Government of the establishment of a 10 billion dollar investment fund managed by the state-owned ADQ for joint projects with Egypt and Jordan.

Regional events and issues of mutual interest were also discussed during the meeting, Rady stressed.

The volume of Emirati investments in Egypt stands at 20 billion dollars and it is expected to increase to 35 billion dollars in five years, UAE International Investors Council Secretary General Jamal Al Jarwan recently noted.

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