UAE-Egyptian bonds strengthened further

ABU DHABI: A U.A.E. paper has said that the moral and financial backing extended by the U.A.E. to Egypt at its time of need has further strengthened the historical and brotherly ties between the two nations.

“President His Highness Sheikh Khalifa bin Zayed Al Nahyan has congratulated Egyptian President-elect Abdel Fattah el-Sisi on the trust reposed in him by the people of Egypt in facing the challenges they are experiencing, and to achieve their aspirations and ambitions in stability, development, progress, prosperity, pride and dignity,” said The Gulf Today in its editorial on Thursday.

It continued: “The U.A.E. was the first to sign a $4.9 billion framework agreement with the Arab Republic of Egypt to support its development programme and aimed at improving the living conditions, lives and human development of the Egyptian people through a number of projects.” “The support includes a grant of one billion dollars that has been transferred to Egypt last July, and an additional allocation of more than one billion dollars to help provide Egypt with part of its fuel requirements; ensuring the nation is able to maintain its economy, industry, trade and transportation during this transitional phase.”

“A historic agreement was also signed between Egypt s Ministry of Defence and Arabtec Company to build one million residential units at $40 billion, the biggest housing project in the Arab world.” “It may be recalled that one of the largest squares in Luxor has been named after Sheikh Khalifa due to large popular demand, in recognition of the historical stance of the U.A.E. in support of Egypt. The move reflects the high regard of the Egyptian people for the U.A.E. and Sheikh Khalifa, and the role played by the U.A.E. in achieving stability and development in Egypt.” “The election of el-Sisi to the presidency is a historic moment for the Egyptians. There is huge optimism that el-Sisi would effectively lead the march towards greater stability and development,” concluded the Sharjah-based English language newspaper.