UAE offers $4b to help boost Egypt’s economy

Sharm Al Shaikh: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced that the UAE has offered $4 billion to help boost Egypt’s economy, the official agency WAM reported on Friday.

He added that $2 billion will be deposited in the Egyptian Central Bank, and $2 billion will be used to stimulate the Egyptian economy through a set of initiatives that will be announced later.

Shaikh Mohammad said in a speech at the conference that the UAE has given Egypt more than $14 billion over the past two years and that it will always stand by Egypt.

He said: “Our stand with Egypt is not the result of our hatred towards anyone, but in the affection towards the Egyptian people.”

Prince Muqrin Bin Abdul Aziz Al Saud, Saudi Crown Prince and Deputy Prime Minister, said that Saudi Arabia will offer Egypt $4 Billion through a package of investments.

Shaikh Sabah Al Ahmad Al Jabir Al Sabah, Prince of Kuwait also said that Kuwaiti investment authorities will allocate $4 billion to pump into different investment sectors in Egypt.