Gulf states pledge $12.5bn to Egypt
UAE, Kuwait and Saudi Arabia set to put in $4bn each, while Oman offers $500m
A number of Gulf states have pledged $12.5bn in investments and bank deposits to Egypt during the Egypt Economic Development Conference, Egypt: The Future.
The UAE, Saudi Arabia and Kuwait all announced investments of $4bn each to the country at the start of an economic development summit held in Sharm El Sheikh on 13-15 March, while Oman pledged $500m.
Saudi Arabia's investment was announced by Crown Prince Muqrin bin Abdullah bin Abdel Aziz Al-Saud, who said that Saudi Arabia was the biggest foreign investor in Egypt, while Egypt was one of the top 20 exporters to Saudi Arabia.
Saudi Arabia said that it would place $2bn within the Egyptian Central Bank, and would provide the remainder through the Saudi Development Fund to finance and guarantee Saudi exports to Egypt as well as funding various development projects.
The UAE, meanwhile, said it would also commit $4bn - $2bn of which would be in bank deposits and the remainder allocated for development projects.
UAE vice-president and ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, added that its support followed on from pledges worth $13.9bn made over the past two years in areas including housing, education, training, food security and energy.
He said: "We are always proud of our relations with Egypt and the people of Egypt. History teaches us that when Egypt is strong it breathes life into the nation and renews its renaissance."
He added: "We are investing in the stability of Egypt and the region."
Meanwhile, Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah said that it would invest $4bn through a range of diverse methods.
He added that Kuwait had been making investments in Egypt since 1959 and estimated that there were around 1,000 firms who are active investors in Egypt.
"Such investments have been ever since variably increasing in all economic sectors so that Kuwait is now the second-largest Arab investor in the Egyptian market," he said.
"My country is aware of the significance of Egypt on both regional and international arenas, and trusts the ability of its leaders to safeguard its stability and protect investments there."