United Arabs Emirates to grant Egypt additional $3.9b. in assistance

UAE, Saudi Arabia and Kuwait, which oppose the Muslim Brotherhood, have already pledged $12b. in aid to Egypt.

October 27, 2013 00:04
1 minute read.
UAE FM Sheikh Abdullah bin Zayed al-Nahayan

UAE FM Sheikh Abdullah bin Zayed al-Nahayan R 311. (photo credit: REUTERS)

Egypt signed an agreement for $4.9 billion with the United Arab Emirates on Saturday in which it decided to support the country’s development with an additional $3.9b. in aid after previously agreeing to around $1b. in July.

The signing of the agreement took place in the presence of General Sheikh Mohamed bin Zayed al-Nahyan, the crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces, and called for the construction of 25 wheat and grain silos, and other healthcare, housing, and development projects, according to the Emirates News Agency.

Egyptian interim Prime Minister Hazem el-Beblawi arrived in the UAE Friday for a three-day trip.

Beblawi, in a meeting with members of the Egyptian community in Abu Dhabi on Friday, said that the UAE was providing vital support for Egypt after its revolution.

“The UAE has been extending support to Egypt in political, economic and investment fronts. Moreover, the UAE diplomacy played a key role in rallying support for the revolution among several countries and, needless to say, its financial support has helped Egypt avert many crises,” he said, according to the Dubai based Khaleej Times.

“I am very upbeat about the future of Egypt, but that does not mean things will be easy. Egypt is now like a recovering patient who needs to be attended to carefully,” said Beblawi.

The UAE, Saudi Arabia and Kuwait, which oppose the Muslim Brotherhood and supported the military coup by the Egyptian army, have already pledged $12b. in aid.

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