UAE, Egypt launch $20 billion joint investment fund

Egypt and the United Arab Emirates have launched a $20 billion joint strategic investment platform, Egyptian presidency spokesman Bassam Rady said on Thursday.

The investment platform will be run through Egypt’s newly-established sovereign wealth fund and Abu Dhabi Development Holding Company PJSC, aiming at investing in a range of sectors and assets.

It aims to establish strategic joint ventures, specialised funds, investment instruments to invest in various sectors, mainly manufacturing, conventional and renewable energy, technology, food, real estate, tourism, healthcare, logistics, financial services, infrastructure, and others, he said.

“Together with my brother, President Abdel Fattah al-Sisi 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,” the crown prince of Abu Dhabi Mohammed bin Zayed al-Nahyan said on Twitter on Thursday.

Egyptian President Abdel Fattah al-Sisi heralded a visit to the UAE on Wednesday.

Abu Dhabi’s landmarks light up in the colours of the Egyptian flag in celebration of Egyptian President Abdel Fattah al-Sisi’s visit to the UAE. (Twitter/ @admediaoffice)

Egypt’s new-established sovereign wealth fund is being touted by the government as the latest component of the economic revival. The fund aims at helping the state better utilise its assets and to attract foreign investments.