Abu Dhabi: The UAE and Egypt are partners in supporting regional peace and stability, said His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, during the state visit of Egypt’s President Abdul Fattah Al Sissi in Abu Dhabi on Thursday.
“The two countries are fighting together on one front against extremism and terrorism and the attempts to threaten the peace and security of the region’s communities from extremist forces, which follow the agendas of other parties that aim to harm the two countries and their peoples,” said Sheikh Mohamed during talks held at Qasr Al Watan Palace in the UAE capital.
The two leaders discussed bilateral ties and ways of strengthening cooperation in a meeting that also involved the launch of a joint investment platform between the two countries worth $20 billion (Dh73.5 billion) for implementing vital projects.
“Egypt is a major Arab country and a main pillar of Arab security,” said Sheikh Mohamed. “We regard the security of Egypt a part and parcel of the security, progress, development and stability of the UAE and all Arabs.
“Together with my brother, President Abdul Fattah Al Sissi, 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,” said Sheikh Mohamed tweeted.
“I discussed with my brother, President Abdul Fattah Al Sissi, 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.”
The UAE is ranked first among countries investing in Egypt with a total direct investment of Dh24.3 billion reflected through 990 UAE companies who operate in Egypt across a number of vital sectors (as of the end of September 2018).
The UAE is also first among Arab countries in terms of Egyptian exports with a total of nearly Dh7.3 billion, accounting for 21 per cent of the total Egyptian exports to Arab countries.
The volume of non-oil trade exchange between the two countries during the past five years amounted to Dh89.5 billion.
Non-oil exchanges between the two countries last year amounted to Dh20.1 billion, a growth of 14.6 per cent compared to 2017 of Dh17.6 billion.
Sheikh Mohamed thanked President Al Sissi for his keen interest in enhancing UAE-Egyptian relations and pushing them forward. He stressed that the UAE has a strategic direction to find the best relations with Egypt in all fields.
Sheikh Mohamed said that the late Sheikh Zayed Bin Sultan Al Nahyan had great love and special affinity to Egypt, calling it “the heart of the Arab world and a fundamental pillar of its security”.
President Al Sissi expressed his great pleasure in visiting the UAE and meeting with Sheikh Mohamed, stressing the special relationship between the UAE and Egypt and their brotherly peoples.
He congratulated President His Highness Sheikh Khalifa Bin Zayed Al Nahyan on his recent re-election as President of the UAE, and praised the honourable stances taken by the UAE to support the interests and issues of the Arab people, wishing the UAE further progress and prosperity.
UAE, Egypt sign several agreements
His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Egyptian President Abdul Fattah Al Sissi, witnessed the official exchange of a number of previously signed agreements and Memoranda of Understanding, MoUs, between their countries across various sectors.
The agreements will see parties in the UAE and Egypt work together to develop cooperation and mutual interest.
The agreements included one between the governments of the UAE and Egypt to avoid double taxation and prevent tax evasion. It was exchanged by Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, and Dr Hala Helmy Al Saeed Younis, Minister of Planning, Monitoring and Administrative Reform of Egypt.
Another MoU on manpower was exchanged between Nasser Bin Thani Al Hamli, Minister of Human Resources and Emiratisation, and Dr Younis, along with an MoU between UAE’s Insurance Authority and the Egyptian Financial Supervisory Authority, which was exchanged by Ebrahim Obaid Al Za’abi, Director-General of the Insurance Authority, and Dr Younis.
This year, several agreements in areas such as housing, irrigation, trade and industry have been signed between the countries.