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Thursday, 19 December 2019

UAE encouraging companies to invest in Egypt -Mubadala CDO

UAE encouraging companies to invest in Egypt -Mubadala CDO: The Emirati government is encouraging companies to increase their investments in the Egyptian oil and gas, renewable energy, and construction sectors, Mubadala Chief Development Officer Sheikh Mansour Al Hamed told Investment Minister Sahar Nasr during talks yesterday, according to a ministry statement. Mubadala’s Egyptian assets have so far been limited to the oil and gas sector, following its purchase of stakes in Eni’s Zohr and Noor concessions in 2018. Yesterday’s meeting came a week after the UAE pledged to double its investments in Egypt to USD 14 bn over the next five years. Egyptian-Emirati economic ties have been deepening since the Sovereign Fund of Egypt signed an agreement to establish a USD 20 bn investment fund with the Abu Dhabi Development Holding Company.

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