Egypt’s Ministers Fly to UAE to Boost Investment

Thursday, 28th April 2016

Sahar Nasr, Minister of International Cooperation; Moustafa Madbouly, Minister of Housing, Utilities and Urban Development; and Mohammed Saphan, the Chairman of the Holding Company for Petrochemicals, arrived in Abu Dhabi on April 27 to follow up on potential UAE partnerships in development and investment projects, reported Invest Gate.

The Minister of Housing offered, during the trip, the investment opportunities available in the new administrative capital to the UAE investors, especially in the charted area of the Sheikh Mohammed bin Zayed compound near the new administrative capital, where Egypt is trying to attract UAE investors for the development of the area carrying the name of the Crown Prince of Abu Dhabi,” a source within the Ministry of Housing told Invest Gate.

Cooperation between Egypt and the UAE through the Abu Dhabi Fund contributed to the establishment of a number of projects in various economic and social development sectors of the country, most notably the Nubaria land reclamation project.

Egypt has obtained EGP 3.2 billion ($356.5 million) in loans from the Fund for the implementation of projects in the areas of agriculture, tourism, electricity and services, as well as the development of the Suez Canal.

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