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Egypt: The UAE and Saudi look to Cairo for influence and bargains

By Sherif Tarek

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Posted on July 4, 2022 05:09

Saudi Crown Prince Mohammed bin Salman meets Egyptian President Abdel Fattah al-Sisi during his visit to Cairo, Egypt
Saudi Crown Prince Mohammed bin Salman meets Egyptian President Abdel Fattah al-Sisi during his visit to Cairo, Egypt, June 21, 2022. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

Over the past months, neighbouring countries Saudi Arabia and the UAE have been accelerating investment in Egypt. While profit is an undeniable motivator for the Gulf nations, geopolitics take a front seat role.   

UAE will not be alone at the in a new wave of Gulf investments in the North African nation.

During the Cairo visit of Saudi Crown Prince Mohammed bin Salman (MBS) some 14 deals worth $7.7bn were signed in vital sectors in Egypt, including energy, food, and fintech. A joint statement later said Saudi Arabia is determined to lead $30bn investments in the most populous Arab country, without disclosing further details.

The fresh Saudi-Egyptian agreements followed hard on the heels of a spike in the UAE’s investments in Egypt. With a multitude of acquisitions and expansions either planned or already executed, the Emiratis are looking to increase their investments in the third largest Arab economy by 75% in the coming five years, which will take their overall value to $35bn in 2027.

“Of course, Egypt as a matter of principle is one of the Middle East’s largest markets … given the population

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