UAE Pumps Money Into Egypt as Food-Price Surge

The United Arab Emirates has accelerated a plan to invest billions of dollars in Egypt because it wants to ward off economic shocks from the war in Ukraine that could shake the stability of the Arab world’s most populous nation.

A major food importer, Egypt’s been hit hard by record grain prices fueled by the Russian invasion. One of the Middle East’s most indebted nations, it buys most of its wheat from Russia and Ukraine, using those supplies as a cornerstone for a subsidized program providing cheap bread for 70 million people. 

The UAE will invest about $2 billion by buying state-held stakes in companies, Bloomberg News reported this week. That came as the leaders of Egypt, the UAE and Israel discussed energy and food security at a rare meeting.