Egypt Watch

Sisi and MBZ discuss Emirati investments in Egypt

Two Egyptian government sources said that the meeting in El-Alamein between Abdel Fattah El-Sisi and the Emirati President, Mohammed bin Zayed, focused on Emirati investments in Egypt.

One of the sources said that Emirati investors are facing difficulty in completing the acquisition of the Egyptian government’s stake in Madinet Nasr for Housing and Development and the acquisition of a company for fuel stations affiliated with the Armed Forces, Watanya, despite the negotiations that began months ago.

The source added that the obstructions are due to Egyptian security and political reasons. The talks between El-Sisi and bin Zayed also included the UAE’s purchase of the Egyptian Foreign Ministry building overlooking the Nile and investments in Warraq Island.

According to the source, the gulf country wants to expand its investments in real estate and ports in Egypt.An Egyptian diplomat, who preferred not to reveal his name, said that this week might witness financial support for Egypt from the UAE in the form of investments.