Egypt and UAE presidents discuss enhancing economic and investment partnership

CAIRO – 23 March 2024: Egypt’s President Abdel Fattah El-Sisi and his Emirati counterpart, President Sheikh Mohamed bin Zayed, convened on Saturday to discuss the strengthening of the economic, investment, development, and political partnership between the two countries.

During their meeting in Cairo, President Sisi and Sheikh Mohamed bin Zayed explored avenues to enhance the distinguished bilateral cooperation between Egypt and the UAE, the Egyptian Presidency said in a statement.

The two presidents emphasized promising opportunities to deepen both countries’ partnership.

Additionally, the two presidents discussed the intensified efforts being made to achieve a ceasefire in Gaza and ensure the sufficient delivery of humanitarian aid to alleviate the significant suffering in the strip.

Both leaders affirmed the necessity of activating the two-state solution as the sole means of attaining justice, security, and stability in the broader region.

These discussions follow the signing of a monumental $35 billion investment agreement between Egypt and the UAE just a month ago. The deal entails Emirati investors developing the Ras El-Hekma area on the North Coast of Egypt.

This investment represents the largest foreign direct investment (FDI) in the country's history and comes after Egypt endured a scarcity of foreign currency for approximately two years.

Simultaneously, the talks between the Egyptian and Emirati presidents take place amidst ongoing negotiations to secure a ceasefire in Gaza and bring an end to over five months of Israeli attacks in the area.

However, a recent attempt to achieve a ceasefire in Gaza through a US-sponsored UN resolution, which called for a cessation of hostilities and a prisoner exchange, faced a veto by Russia and China on Friday.

A ceasefire is urgently needed to augment aid delivery and facilitate a prisoner swap agreement.

The urgency for aid in Gaza has escalated, with the United Nations estimating that at least a quarter of the strip's population is on the verge of famine.

During a ministerial meeting in Cairo on Thursday, Egypt, the UAE, Saudi Arabia, Jordan, and Qatar collectively called for the opening of all border crossings between Israel and the Gaza Strip to enable the unobstructed delivery of humanitarian assistance.