UAE, Egypt launch giant $20b investment plan

ABU DHABI: The UAE and Egypt launched a giant $20 billion joint investment programme Thursday to develop "economic and social projects", as Cairo seeks assistance to boost its sagging economy.

Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan made the announcement while receiving Egyptian President Abdel Fattah al-Sisi on a visit to the Emirati capital. "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," Sheikh Mohammed said in a tweet.

He added that he discussed with Sisi ways to strengthen relations and enhance coordination. The UAE has been a firm regional backer of former army chief Sisi since the Egyptian military overthrew pesident Mohamed Morsi in 2013.

"Egypt´s security is as important as the UAE´s security, and its progress, development and stability are important to the UAE and all Arab countries," said Sheikh Mohammed, according to a statement carried by the UAE state news agency WAM.