Egyptian President Abdel Fattah El-Sisi called on Saudi Arabia and UAE to convert deposits into investments in Egypt, whether they are joint or Gulf investments only.
Egyptian thanks
Al-Sisi met with media professionals after opening projects for animal production.
He was asked a question about the possibility of having more cash deposits from Saudi Arabia and UAE in the Central Bank of Egypt.
Especially after Riyadh deposited $5 billion.
The Egyptian president replied, “I take the opportunity to thank them for moving with us without asking them to do so,” he said.
Sisi’s suggestion
El-Sisi added, “Why do we not turn these deposits into investments in Egypt?”
“We have many projects, and the country has 100 million people and has very good opportunities. We welcome our brothers in the field of investment,” he added.
The Egyptian president emphasized that the investment could be joint and could be from the Gulf only, according to him.
bank investment
Yesterday, First Abu Dhabi Bank announced the completion of the legal merger of Bank Audi Egypt’s assets.
It was rebranded as “First Abu Dhabi Bank – Egypt”.
It is planned that the full integration of the bank’s operations and systems will take place in the last quarter of this year.
By completing the legal merger, the bank became one of the largest foreign banks operating in the Egyptian market, with assets of 185 billion Egyptian pounds (equivalent to 10 billion US dollars).
The value of UAE investments
It is noteworthy that the value of Emirati investments in Egypt increased during the first quarter of this year by 26.9%.
This is compared to the same period last year, according to data from the Central Agency for Public Mobilization and Statistics.
To receive notification of the most important news and urgent matters, join our telegram channel through the link