UAE to pump new investments in Egypt: Emirati investment minister

Al-Suwaidy's remarks came during a meeting with Egypt's Prime Minister Mostafa Madbouly on Tuesday to explore avenues for enhancing bilateral relations, according to a Cabinet statement on Tuesday.

Egypt is striving to attract foreign investment, particularly from Gulf nations to help its economy recover and fulfill its commitments to the International Monetary Fund (IMF) under the $3 billion loan deal signed last year.

Egypt is banking on attracting Gulf investment by offering state-owned assets under the government's IPO programme.

Al-Suwaidy expressed the UAE's eagerness to invest in various development sectors, highlighting that the directive to do so was issued by President Sheikh Mohamed bin Zayed Al-Nahyan.

For his part, Madbouly underscored Egypt's dedication to streamlining procedures and improving the investment climate.