Gulf Arabs Offer More Billions to Help Revive Egypt Economy - Bloomberg Business:
"President Abdel-Fattah El-Sisi’s bid to revive Egypt’s economy received a boost at a three-day investor conference on the Red Sea. It also left his country more reliant than ever on Gulf Arab aid and investments.
Saudi Arabia, the United Arab Emirates, Kuwait and Oman pledged more than $12 billion at the event in Sharm El-Sheikh, half of it as deposits in the central bank. GCC investors also signed initial deals to invest in industries ranging from construction to power generation and energy. U.A.E. companies, including Abu Dhabi-owned Aabar Investments PJSC, are taking the lead on projects to build two cities, one of which, is to become Egypt’s new administrative capital.
Gulf Cooperation Council nations have backed Egypt with more than $30 billion since El-Sisi led the ouster of President Mohamed Mursi in 2013, supporting a government that shares their hostility to political Islam. The assistance has helped stabilize an economy battered by turmoil since the 2011 overthrow of Hosni Mubarak in a popular uprising."
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