Sharm Al Shaikh: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced at the Egypt Economic Development Conference in Sharm Al Shaikh on Friday that the UAE financial assistance to Egypt over the past two years has been more than Dh51 billion.
Shaikh Mohammad said the financial assistance covered vital areas such as education, training, housing, transport, health care, food security and energy.
He also announced a new support package of Dh14.7 billion to the Egyptian people.
It will be in two instalments, one of Dh7.35 billion as a trust fund to be managed by the Central Bank and the other Dh7.35 billion will be for a variety of projects that will be announced later.
Shaikh Mohammad conveyed the greetings of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, and his best wishes to Egypt’s leadership, government and people and his hopes for continued development, progress and prosperity.
In a speech he delivered at the Economic Summit, Shaikh Mohammad pointed out that the UAE is proud of its firm historical relationship with Egypt and its people.
Second homeland
He added that Egypt is the UAE’s second homeland as the UAE is Egypt’s second homeland.
He added that history teaches us that when Egypt is strong, it is able to breathe life into the nation and renew its development; Egypt is the home of peace, the heart of Arabism and in it and with it history is made.
Shaikh Mohammad said: “Our stand with Egypt is not out of hate against anyone, it is simply out of our affection towards the people of Egypt. Our stand is not a favour to anyone but a duty in its own right and not for a quick return, it is an investment in the future of our nation. What we are doing in Egypt today is an investment towards stability of the region that we shall see in the near future, God willing.”
Shaikh Mohammad also spoke in remembrance of the late King Abdullah Bin Abdul Aziz of Saudi Arabia, saying that this conference reminds us that the late king was the first to call for such a conference and stood firmly in its support.