UAE, Saudi and Kuwait pledge $4b each in Egypt aid

Sharm El Sheikh — Gulf Arab allies pledged a further $12.5 billion of investments and central bank deposits for Egypt at an international summit on Friday, a big boost to President Abdel Fattah El Sisi as he tries to reform the economy after years of political upheaval. The UAE, Kuwait and Saudi Arabia each offered $4 billion to Egypt. The UAE said it would deposit $2 billion of its pledge in the Egyptian central bank, while Saudi Arabia said $1 billion of its pledge would go to the bank. Oman also pledged to give Egypt $500 million in grants and investment over the next five years, the president of the country’s state council said. Half of the amount would be in the form of a “grant to support liquidity” and the other $250 million would go towards investment in projects in Egypt, Yahya bin Mahfouz said. The Egypt Economic Development Conference ‘Egypt The Future’, opened on Friday in the presence of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, along with 30 heads of states and 2,500 Arab and foreign investors. Shaikh Mohammed conveyed the greetings of the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, to the president and people of Egypt. Shaikh Mohammed noted that the UAE has provided $14 billion in aid to Egypt during the past two years. “The UAE will always remain by Egypt’s side. Our support to Egypt emanates from the love we have for the Egyptian people,” he added. In the opening speech, El Sisi praised the contributions made by the UAE under the wise leadership of Shaikh Khalifa to the welfare of Egypt. “The Egyptian people felt how sincere and serious the UAE is in supporting Egypt’s economy,” he added. Shaikh Mohammed is accompanied by a high-level delegation comprising Shaikh Abdullah bin Zayed Al Nahyan, Foreign Minister; Shaikha Lubna Al Qasimi, Minister of International Cooperation and Development (MICAD); Sultan bin Saeed Al Mansouri, Minister of Economy; Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy; Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs; Dr Sultan bin Ahmed Al Jaber, Minister of State; and a number of top officials. “Egypt has and will always be the first line of defence against the dangers faced by the region,” said El Sisi. “You will find Egypt safe and secure,” El Sisi told the delegates. -Khaleej Times