The Council of Ministers approved a plan to attract United Arab Emirates (UAE) investment to Egypt. It also agreed to form committees headed by Minister of Trade and Industry Rachid Mohamed Rachid to meet with UAE representatives every three months to discuss investment opportunities in energy, transport, real estate and communications.
Rachid said on Sunday that a UAE delegation is currently visiting Cairo, following President Hosni Mubarak's earlier visit to the UAE.
“We agreed that five UAE companies would initiate commerce through the Egypt-UAE investment funds,” he said.
Egyptian Transport Minister Alaa Fahmy explained that both private and public sectors would participate in the investment projects, which would be offered on a usufruct basis.
“We will offer additional investment opportunities for inter-Arab sea transport projects at the conference of Arab Ministers of Transportation on 11 January,” Fahmy said.
For his part, UAE Economy Minister Sultan Bin Saeed al-Mansouri stated that the Abu Dhabi Fund will grant the Egyptian Ministry of Electricity a US$50 million loan. He noted that total UAE investments in Egypt currently amount to US$10 billion.
Translated from the Arabic Edition.
