Watan-Media sources have reported on urgent aid provided by the President of the United Arab Emirates, Mohammed bin Zayed, to the regime of Egyptian President Abdel Fattah el-Sisi in an effort to rescue him from economic collapse amidst escalating popular unrest in Egypt due to deteriorating living conditions.
The “Arabi21” website spoke about financial assistance from Abu Dhabi to Cairo over the past two days, aimed at taking measures to alleviate the significant anger due to Egypt’s living conditions reaching rock bottom.
Egypt is facing a severe economic crisis exacerbated by regional tensions alongside a shortage of foreign currency, the worst in years, amid increasing pressure on the Egyptian pound in recent times.
With severe liquidity shortages in Egypt due to declining remittances from expatriates, exports, and a decrease in revenues from the Suez Canal due to tensions in the Red Sea, regional and international supporters of Sisi are becoming increasingly concerned.
الإمارات تتدخل لإنقاذ نظام السيسي، وتشتري مساحات أراضي ضخمة في مدينة رأس الحكمة على الساحل الشمالي بقيمة ٢٢ مليار دولار. pic.twitter.com/KAZqyXeeLa
— mazen007 التطبيع_خيانة# (@mazen00711) February 5, 2024
Stock Market Companies Intervene to Rescue Sisi
Reports have emerged about the listing of 32 public companies on the stock exchange before strategic investors as part of the International Monetary Fund’s plan, including two military-owned companies.
There have also been discussions about selling the “Wataniya” and “Safi” companies, which belong to the National Service Agency under the Egyptian army, since 2018.
According to sources, last year saw Saudi-Emirati reluctance to purchase Egyptian assets.
However, this reluctance has recently turned into a strong desire to buy, according to Egyptian Minister of Planning Hala El-Said.
Egypt’s economic crisis, Mohammed bin Zayed provides urgent aid to Abdel Fattah el-Sisi’s regime, aiming to mitigate anger over worsening living conditions.
اللي اشترى حاجة من عبد الفتاح السيسي يبقى يروح ياخدها منه بعد ما الثورة تشيل ما تخلي باذن الله. اي شيء باعه هذا العاهة غير شرعي. وقد اعذر من انذر.
— Amr Waked (@amrwaked) February 2, 2024
UAE Representative with Criminal Background in Egypt!
Egypt’s external debts exceed $165 billion, and with a declining income, Abu Dhabi has introduced a businessman with a criminal record and judicial convictions into Egypt to be Abu Dhabi’s economic representative within Egypt at this current stage.
Hassam Hiba, head of Egypt’s Investment Authority, revealed an Emirati alliance represented by the “Consortium Investment Group,” which he said would lead the development of the Ras El-Hikma tourist city project, 350 kilometers northwest of Cairo, with investments worth $22 billion.
The UAE is participating in the project, leaving Egypt with a 20% ownership of the area totaling 180 million square meters, allocated to Talaat Moustafa Group, a local real estate development company, and some Egyptian government agencies.
قالك لو استمر السيسي رئيس مصر لفترة 10 سنوات اخرى ستكون الامارات والسعودية جارة لليبيا ودول حدودية لنا . pic.twitter.com/VcUJhWsFnJ
— 🇱🇾🇵🇸Aseel (@Aseel__tr) February 6, 2024
According to the American “Bloomberg” agency, the significance of the deal lies in “addressing the worst foreign exchange crisis in decades and deepening the economic ties between Cairo and Abu Dhabi, the main supporter of Sisi, in the form of investments and aid.”
No comment has been issued by either the Egyptian or Emirati governments regarding the deal. However, Egyptian Prime Minister Mostafa Madbouly mentioned that only his government is responsible for announcing “details of major investment projects.”
It is worth noting that Egypt, the most populous country in the Middle East, has devalued the Egyptian pound three times since the beginning of 2022, and a further devaluation of the Egyptian local currency is widely expected in the first quarter of this year.