Egypt undertakes to guarantee the investment of «Abu Dhabi Holding» in 3 companies

The Egyptian government pledged to guarantee the value of the recently announced "Abu Dhabi Development Holding" investment in 3 Egyptian companies, in addition to a return on it at an annual rate of 8% for a period of 4 years.

Abu Dhabi Development Holding had acquired 25% of National Drilling and about 30% of Ethydco, in addition to 35% of the Egyptian Company for Gasoline and Alkyl Lines (ELAP) in a deal amounting to $800 million.

The government raised the number of companies within the offering program to 35 companies, and included "Eastern Smoke", "Egyptian Telecom" and "Ezz El Dekheila Steel" to the program, which included 32 companies.

$100 million

On 15August, 2023, The Ministries of International Cooperation, Finance, and the General Authority for Supply Commodities in Egypt signed a new agreement with the Abu Dhabi Office for Exports (ADEX), affiliated to the Abu Dhabi Fund for Development, for the first time.

A $100 million revolving financing program agreement was signed for a period of five years, with a total amount of $500 million, with the aim of financing wheat imports. The agreement is the first of its kind with the Abu Dhabi Export Office of the Abu Dhabi Fund for Development.

The Minister of International Cooperation valued the development cooperation relations with the Abu Dhabi Fund for Development, which began in 1971 and resulted in the financing of more than 20 projects worth 4 billion dirhams in various priority sectors that benefit the citizen, especially in the sectors of water, health, housing, transportation and agricultural development. The UAE funded the inauguration of 25 silos in 17 governorates to increase the storage capacity of wheat by 1.5 million tons, adding that the coming period will witness discussions on more future areas of cooperation in light of Egypt's development priorities and the implementation of Egypt's Vision 2030.

New cooperation

Egyptian Minister of Supply Ali Al-Moselhi said that agreement builds on the existing relations and partnership between the Emirati side and the Ministry of Supply to implement a project to increase storage capacities for wheat by about 1.5 million tons through the implementation of 25 silos, and we are witnessing new cooperation in the field of financing wheat imports in order to stimulate security efforts. Food carried out by the state, which reflects the depth and strength of the joint relations between the two countries, thanking the UAE side for the continued fruitful cooperation.