Minister of International Cooperation Sahar Nasr and Minister of Housing Mostafa Madbouly met Sheikh Hamed Bin Zayed Al Nahyan, the CEO of the Abu Dhabi Investment Authority, on Thursday to present to Egypt real estate investment projects that the UAE seeks to participate in.
The projects include the New Administrative Capital, as well as housing projects in Sheikh Zayed, New El Alamein, and East Port Said.
This comes on the second day of an Egyptian delegation’s visit to the UAE, headed by the minister of international cooperation, to follow up on the results of the recent meeting between President Abdel Fattah Al-Sisi and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed in Cairo.
During the crown prince’s visit to Cairo, the UAE allocated $4bn in funding to support development in Egypt.
Madbouly explained that New El Alamein is located on the Mediterranean Sea with an area of 50,000 acres, pointing out that the first phase of construction projects has begun in New El Alamein, the New Administrative Capital, and East Port Said.
Nasr negotiated with the CEO of Abu Dhabi Investment Authority on a number of projects in the field of oil exploration, including expansion plans for the Assiut refinery plant and the Suez refinery plant.
During the meeting, they agreed on reviewing the projects and holding other meetings to identify specific projects that the UAE can participate in.
Zayed Al Nahyan assured that the Emirati side is interested in participating in the Sinai Development Project, which has the potential to become the “Hong Kong of the East”.
Zayed Al Nahyan expressed his intention to visit Sinai during the coming period.
He also praised the land bridge project between Egypt and Saudi Arabia, noting that trade exchange between the Arab countries reached $100bn and is expected to be up to a $1tn after the construction of the land bridge.