Abu Dhabi, UAESunday 8 December 2019

Egyptian ministers to discuss FDI after $20bn Abu Dhabi fund

The joint fund was announced by Sheikh Mohamed bin Zayed al-Nahyan earlier this month

Sheikh Mohamed bin Zayed Al Nahyan Crown Prince of Abu Dhabi Deputy Supreme Commander of the UAE Armed Forces (L), meets with Abdel Fattah El-Sisi, President of Egypt (R), in Cairo. Mohamed Al Hammadi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed Al Nahyan Crown Prince of Abu Dhabi Deputy Supreme Commander of the UAE Armed Forces (L), meets with Abdel Fattah El-Sisi, President of Egypt (R), in Cairo. Mohamed Al Hammadi / Ministry of Presidential Affairs

Egyptian Prime Minister Mostafa Madbouly will hold a ministerial meeting on Thursday to discuss how to attract more foreign investment into the country, following the announcement of a $20 billion (Dh73bn) investment fund with Abu Dhabi by Sheikh Mohamed bin Zayed al-Nahyan earlier this month.

Sheikh Mohammed made the announcement on Twitter during a two-day visit to the UAE by Egypt’s President Abdel Fattah al-Sisi.

The UAE, and Saudi Arabia, have been the main backers of Mr Sisi since he took power after the overthrow of president Mohamed Mursi in 2013.

"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 said on Twitter on November 14, when the fund was launched.

On Thursday Egyptian ministers are also due to discuss proposals to develop a new mechanism for the pricing of food commodities that are distributed to ration cards such as sugar, rice, wheat products and oil, local media reported.

The ministers will discuss the report from Egypt's Ministry of Health on the medical and health initiatives implemented by the government, as directed by Mr Sisi.

The politicians will also discuss the modernisation of the country's transport facilities, including railways and subways.

Updated: November 21, 2019 05:16 AM

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