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 since the 2013
The investment platform will be run through Egypt’s newly established sovereign wealth fund and Abu Dhabi Development Holding Co., a partnership which aims to establish specialized funds for investment in manufacturing, traditional and renewable energy, IT, the food industry, real estate development, tourism, medical care, logistical services, financial services and infrastructure.
Egypt’s new wealth fund is the government’s latest component of the economic revival. The fund is aimed at helping the state better utilize its assets and to attract foreign investments that have, so far, been “overshadowed by an infusion of overseas cash into the local debt market.”
Egypt's sovereign wealth fund capital amounts to EGP 1 billion according to Minister of Finance Mohamed Maait and was created by Law 177 of 2018 with the aim of managing the country's state-owned assets.