UAE's Aabar, Arabtec said to eye more Egypt investments

Abu Dhabi investment firm Aabar and UAE construction giant Arabtec are looking to increase their investments in Egypt, the chairman of both entities has reportedly said.

"For us [Arabtec], for Aabar, the future is really Egypt," Khadem Abdulla Al Qubaisi, chairman of both Arabtec and Aabar, said in an interview with The Wall Street Journal.

Egypt, under President Abdel Fattah Al Sisi, is trying to resurrect its economy and at an economic summit two weeks ago, Gulf states, including the UAE, pledged $12 billion in support of Egypt's government.

"Egypt will play a big role in our portfolio in the future and Egypt, with respect to the challenges, is really a promising country," Al Qubaisi was quoted as saying