UAE’s ADFD pumps AED 4 billion in array of Egyptian projects

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Tue, 25 Jul 2017 - 12:35 GMT

BY

Tue, 25 Jul 2017 - 12:35 GMT

Company logo (Photo Courtesy to ADFD official website)

Company logo (Photo Courtesy to ADFD official website)

CAIRO – 25 July 2017: The Abu Dhabi Fund for Development (ADFD) has pumped approximately AED 4 billion in 64 development projects in Egypt, according to a released statement on ADFD official website on Tuesday.

The investments were pumped in the sectors of transportation, agriculture, irrigation, energy, industry, mining, housing, education and healthcare.

The financial support comes as part of strengthening ties between both countries and supporting infrastructure development, which is a major contributor to socio-economic growth.

The ADFD has funded the Egyptian residential sector with AED 735 million in Sheikh Zayed City and contributed AED 661 million for the Nasser complex in 2000 that included 8,000 homes. The F has also provided the sector a total of AED 12 million for building 300 homes in Al Khatara.

To the Transportation sector, the ADFD made two monetary contributions to develop the Suez Canal earmarked for expanding its ship accommodation capacity and enhancing the project operational phase.

The first contribution received was AED 145 million in 1974, while the second worth AED 60 million was received in 1977.

The Emirati-based ADFD owns an 84% stake in Abu Dhabi Tourist Investment Company which is a hotel and tourism holding firm located in Cairo.


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