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CAIRO, April 12 (Reuters) – United Arab Emirates President Sheikh Mohamed bin Zayed arrived in the Egyptian capital Cairo on Wednesday, the Emirates state news agency (WAM) reported.
The reason for his visit is unclear.
The UAE, along with Gulf neighbours, Saudi Arabia and Kuwait, offered to Egypt months after then-army chief-in-chief President Abdel Fattah el-Sisi led the 2013 overthrow of his Islamic predecessor, Mohamed Morsi. billions of dollars in grants, cash and fuel.
This money propped up Egypt’s economy. But a decade later, with the economy under intense pressure again, the oil-rich Gulf monarchy has said its days of unconditional aid policies are over.
Sheikh Mohammed, known simply as MBZ, met Sisi at the airport, according to footage broadcast on Egyptian state television. The two allies have maintained close political and economic ties.
Cairo, which received a $3 billion financial support package from the International Monetary Fund (IMF) in December, has since March 2022 delisted its currency after the fallout from Russia’s invasion of Ukraine exposed its economic vulnerability. Depreciate by half.
Reporting by Alaa Swilam; Writing by Maha El Dahane Editing by John Stonestreet
Our standards: Thomson Reuters Trust Principles.
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