UAE and Egypt join hands to launch a $20B investment fund
Regional cooperation is of paramount importance on many levels, but certainly on an economic one. Looking at the Gulf Cooperation Council (GCC), one can see that the establishment of such collaboration has brought many benefits to the countries involved.
Today, Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, along with Egyptian President Abdel Fattah El Sisi, announced that the UAE and Egypt would together set up a $20 billion investment fund in order to implement social and economic projects in both countries.
The fund will be set up jointly by the Abu Dhabi Development Holding Company and Egypt’s Sovereign Wealth Fund. The establishment of the joint fund comes after the earlier establishment of a strategic partnership between the two countries in 2018, where they agreed to “boost the performance of the Egyptian government.”
The UAE, with one of the highest GDP per capita in the region and the world, and Egypt, which has the largest population compared to any of its neighbouring countries, will certainly benefit from such a sizeable fund to further their respective economies. The announcement was made during President El Sisi’s visit to the United Arab Emirates.
Speaking about the announcement on Twitter, Sheikh Mohamed bin Zayed stated, "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."
He added to his statement on Twitter, “I discussed with my brother, President Abdel Fattah El-Sisi, ways to strengthen our brotherly relations in various fields and enhance coordination on all regional and international events, as well as issues of mutual interest.”
Furthermore, the Crown Prince also bestowed the Order of Zayed, the UAE's highest civilian honour, on President El Sisi at Qasr Al Watan during his second visit to the Emirate in the last two years, highlighting the increased cooperation and collaboration between the two countries.
We are excited to see the international collaboration between the UAE and Egypt to further the economic development of the nations, which will certainly aid the lives of the citizens within those countries – directly as well as indirectly. Moreover, the social projects that are part of this joint fund, that have yet to be announced, will be catalysts and inspirations for other similar projects across the region.