UAE, Egypt to set up $20bn joint investment platform

Egypt and the United Arab Emirates are setting up a $20bn 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 UAE for meeting with officials and marks the latest boost the Arab world’s most populous nation has received from the GCC since the 2013 ouster of Islamist President Mohamed Mursi.

The investment platform will be run through Egypt’s newly established sovereign wealth fund and Abu Dhabi Development Holding Co.