News

$US 12 Billion Investment For Egypt From UAE, Saudi Arabia and Kuwait

$US 12 Billion Investment For Egypt From UAE, Saudi Arabia and Kuwait

The United Arab Emirates, Saudi Arabia and Kuwait have pledged $US 4 billion each for Egypt at Egypt’s Economic Development Conference held at Sharm El-Sheikh.

According to Saudi Arabia’s Crown Prince, $US 3 billion will be sent for investment projects, while $US 1 billion will be deposited in Egypt’s Central Bank. The UAE similarly announced that $US 2 billion would be used to stimulate the economy, while the other $US 2 billion would be deposited in the Central Bank.

The conference, held to boost foreign investment to restore Egypt’s economy, has attracted delegations from the United States, the United Kingdom, the European Union, Russia, United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Japan, China, India and more.

Among those in attendance are the US Secretary of State John Kerry, Palestinian President Mahmoud Abbas, Jordanian King Abdullah II, the United Kingdom’s Foreign Secretary Philip Hammond, Ethiopia’s Prime Minister Desalegn, Sudan’s President Omar Al-Bashir and other high level officials.

The conference will see 2,000 delegates from 112 countries come to Sharm El-Sheikh amid tight security.

'Egypt Is Open For Business' As More Than $15 Billion Investments Pledged
Egypt's New Capital City Revealed

Subscribe to our newsletter


News

More in News

Egypt Upholds Court Order to Ban Jewish Festival of 19th Century Rabbi Yaakov Abuhatzeira

Egyptian StreetsSeptember 26, 2020

Public Prosecution Orders 3 Alleged Fairmont Rapists Detained Pending Investigation

Egyptian StreetsSeptember 26, 2020

Interpol Extradites Three Egyptians Implicated in ‘Fairmont Gang Rape’ from Lebanon to Egypt

Egyptian StreetsSeptember 24, 2020

PayTabs Egypt is Giving COVID-19 Impacted Small Businesses Free Access to Digital Payment Solutions

Egyptian StreetsSeptember 24, 2020

Egyptian Journalist Lina Attalah Named One of TIME’s 100 Most Influential People

Amina ZaineldineSeptember 23, 2020

Egypt Signs East Mediterranean Gas Forum Charter

Egyptian StreetsSeptember 22, 2020

14 Fully Intact and Sealed Coffins Discovered after 2,500 Years in Egypt’s Saqqara

Amina ZaineldineSeptember 21, 2020

Egyptian ‘TikTok’ Star Menna Abdel Aziz Released: Lawyers

Egyptian StreetsSeptember 18, 2020