Egypt and the UAE have agreed to establish a USD 20 bn (EGP 322.6 bn) joint strategic investment platform, funded equally by the state-run Abu Dhabi Development Holding Company (ADDHC) and the Egyptian newly-introduced sovereign wealth fund, Tharaa, Invest-Gate reports.

The partnership is aimed at developing joint investment projects as well as specialist funds and investment tools in several key sectors, notably conventional and renewable energy, technology, real estate, tourism, healthcare, logistics, financial services, infrastructure, to name a few, according to a presidential statement on November 14.

The deal was inked between the Emirati Minister of State Sultan Ahmed Al Jaber and Egyptian Minister of Planning Hala El Saeed.

“This agreement reflects the strong ties binding Egypt and the UAE, since the era of late Sheikh Zayed bin Sultan Al-Nahyan is based on prioritizing development, social services, and backing up Egypt’s Sustainable Development Strategy 2030, in line with the vision of President Abdel-Fattah El-Sisi and his support for this partnership,” El Saeed noted.

El Saeed also highlighted that the new investment program is set to boost the private sector’s involvement in the Egyptian economy as a key driver of economic growth.