The United Arab Emirates (UAE) and Egypt agreed to launch an investment partnership between the two countries at a value of $20bn, Presidency Spokesperson, Bassam Rady announced on Thursday.
The strategic alliance would be funded equally through Abu Dhabi Developmental Holding Company and Egypt Sovereign Wealth Fund (THARAA).
THARAA was established to stimulate investment with an authorised capital of EGP 200bn, expected to be increased to EGP 1trn in the coming period.
The partnership aims to establish joint ventures, investment funds or instruments, to invest in various sectors, including manufacturing, conventional and renewable energy, technology, food and beverages, real estate, tourism, health care, logistics, financial services and others.
Egypt’s President Abdel Fattah Al-Sisi arrived in the UAE for a two-day official visit starting on Wednesday.
In his second official visit to the UAE in less than two years, Al-Sisi met with Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. The pair discussed the “brotherly relationship” between the two countries and ways to strengthen cooperation.