Abu Dhabi Development Holding Company and Egypt’s Sovereign Wealth Fund recently announced a joint strategic platform, with total investment of $20 billion. The strategic partnership was announced during President Abdel Fattah al-Sisi’s visit to the UAE. The partnership propose to cover setting up of strategic joint ventures, specialized funds or investment instruments, invest in several sectors including manufacturing, traditional and renewable energy, technology, food, real estate, tourism, healthcare, logistics, financial services, infrastructure and others. Through his twitter, Sheikh Mohamed bin Zayed announced that the joint strategic investment platform between the UAE and Egypt will implement vital economic and social projects for ‘our brotherly countries’.
In addition to that, Egypt’s Sovereign Wealth Fund is scouting for similar partnerships with countries like Saudi Arabia, Kuwait and Oman.
Ayman Soliman, the executive director of Egypt’s Sovereign Wealth Fund, said that the proposed areas for partnership could include the establishment of investment funds and platforms. The Fund, he added, was at an advanced stage of discussions with Oman which is expected to be closed by the end of this year. Saudi Arabia and Kuwait also have shown interest to invest in Egypt, Soliman revealed.
