Sharm Al Shaikh: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced that the UAE has offered $4 billion to help boost Egypt’s economy, the official agency WAM reported on Friday.
He added that $2 billion will be deposited in the Egyptian Central Bank, and $2 billion will be used to stimulate the Egyptian economy through a set of initiatives that will be announced later.
Shaikh Mohammad said in a speech at the conference that the UAE has given Egypt more than $14 billion over the past two years and that it will always stand by Egypt.
He said: “Our stand with Egypt is not the result of our hatred towards anyone, but in the affection towards the Egyptian people.”
Prince Muqrin Bin Abdul Aziz Al Saud, Saudi Crown Prince and Deputy Prime Minister, said that Saudi Arabia will offer Egypt $4 Billion through a package of investments.
Shaikh Sabah Al Ahmad Al Jabir Al Sabah, Prince of Kuwait also said that Kuwaiti investment authorities will allocate $4 billion to pump into different investment sectors in Egypt.
Earlier, Al Sissi thanked UAE and its leadership for helping the Egyptian economy during his opening speech at the conference aimed to boost investments.
The conference, dubbed "Egypt the Future”, kicked off on Friday with the participation of Shaikh Mohammad, along with 30 heads of state and 2,500 Egyptian, Arab, and foreign investors.
In his opening speech, President Abdul Fattah Al Sissi of Egypt, directed his sincere thanks and appreciation for the efforts of the UAE under the leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, reflected in the attendance of Shaikh Mohammad, and the UAE’s keenness to contribute to enhancing and standing by Egypt’s economy.
Al Sissi welcomed the leaders of states and delegations participating in the conference, especially the Arab brothers who stood with Egypt to bring stability and prosperity to its people.
The Egyptian president also said that Friday’s meeting is due to the sincere efforts made by the late King Abdullah Bin Abdulaziz Al-Saud of Saudi Arabia.
Talks
Talks between Shaikh Mohammad and Al Sissi on Friday covered bilateral ties between the two fraternal countries, as well as reviewing the agenda of the Egypt Economic Development Conference.
Al Sissi lauded the positions taken by the UAE, under the wise leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, and its political and economic support to Egypt.
Shaikh Mohammad reiterated the stand of the UAE leadership, government and people towards Egypt as it seeks to develop its economy and to provide prosperity to the brotherly people of Egypt.
Also in attendance were members of the delegation accompanying Shaikh Mohammed, as well as Egyptian Prime Minister Ibrahim Mahlab and Foreign Minister Samih Shukri.
