Russia, UAE to invest in Egypt economy

The Russian Direct Investment Fund, or RDIF, and investors from the UAE are planning to make investments in Egypt. In a visit to Cairo earlier this week, the RDIF was part of a Russian state delegation headed by Minister of Industry and Trade, Denis Manturov.

The fund’s management held a series of meetings with partners in the region, including ministries and agencies of Egypt, Middle Eastern investment funds as well as Russian companies interested in developing business in the Middle East.

“Egypt is of particular interest to a number of leading investment funds in the Middle East, who are also partners of RDIF. We have made the strategic decision to jointly invest in the most attractive sectors of the Egyptian economy. We have already started to develop specific projects that can strengthen the economic cooperation between Russia and Egypt. We see opportunities for significant contribution to the development of Egypt with the use of Russia’s industrial capacity and financial resources of our UAE partners,“ said Kirill Dmitriev, CEO, RDIF.

A two-day event, titled ‘Trade and Industrial Dialogue: Russia-Egypt’, — opened in Cairo on Sunday and is tasked to demonstrate the investment and export potential of the two countries and help expand business contacts between them.

Manturov met with his Egyptian counterpart Mounit Fakhry Abdel-Nour, Minister of Investment Ashraf Salman, Minister of International Cooperation Nagla Al Alwani, and with representatives of Egyptian business communities.