Egypt, U.A.E. to Set Up $20 Billion Joint Investment Platform
- Investments to be run through ADDHC and Egypt’s sovereign fund
- The U.A.E. and Saudi Arabia have been key backers of El-Sisi
Photographer: Karim Sahib/AFP via Getty Images
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Egypt and the United Arab Emirates are setting up a $20 billion joint strategic platform to invest in a range of sectors and assets, the presidency said Thursday.
The deal comes as President Abdel-Fattah El-Sisi is in the U.A.E. for meeting with officials and marks the latest boost the Arab world’s most populous nation has received from the oil-rich Gulf since the 2013 ouster of Islamist President Mohamed Mursi.