The UAE and Egypt have established a strategic joint investment platform of $20bn in a variety of sectors, according to a press statement by Bassam Radi, presidency spokesperson on Thursday.
The platform will be managed through the Abu Dhabi Development Holding Company and the Egypt Sovereign Fund.
The partnership aims to establish joint strategic investment projects, specialised funds, and investment instruments, in order to invest in several sectors, most notably manufacturing, traditional and renewable energy, technology, food, real estate, tourism, healthcare, logistics, financial services, infrastructure, and others.
This came during President Abdel Fattah Al-Sisi’s two day visit to the UAE. He arrived on Wednesday where he was received at the Abu Dhabi International Airport by Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohammed bin Zayed Al Nahyan.
According to the Egyptian presidency, this visit comes as part of a special and strategic relations building initiative between the two countries as both countries are keen on coordinating strategies and policies for the challenges that the Middle East currently faces.