Tuesday 29 November 2022 - 5:59:58 am

Economic partnerships earning UAE increased global confidence under Mohamed bin Zayed

ABU DHABI, 18th May, 2022 (WAM) -- Thanks to the visionary vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE has earned significant international trust that has been translated into several investments and strategic economic projects.

Following His Highness' visit to Egypt in 2016, the UAE provided US$4 billion to support the country, including $2 billion for investments in several developmental areas, and $2 billion as a deposit in the Central Bank of Egypt (CBE).

As part of its support for development efforts undertaken by other countries, the UAE allocated $2 billion to launch investment projects and provide loans for Mauritania, enhancing the relations between the two countries in various areas, most notably in the economic field.

These efforts also included this year’s signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India that should increase non-oil trade between the two nations to mor than AED100 bn.

The economic projects announced by the UAE include the establishment of a $10 billion fund to encourage investment in Turkey, support the Turkish economy, and strengthen cooperation between the two countries. The fund focuses on strategic investments, most notably in the logistics sectors, energy, health and food.

During the last year’s visit of President His Highness Sheikh Mohamed to the United Kingdom, a partnership agreement was signed between Mubadala Investment Company and the UK’s Department of International Trade covering sovereign investments valued at 10 billion pounds between the UAE and the UK. The agreement includes investment in the sovereign investment partnership between the two countries, which is supervised by the UK Office for Investment and Mubadala and will focus in the coming years on providing major investments in three sectors: technology, infrastructure and renewable energy.

During the visit of President His Highness Sheikh Mohamed to China in 2015, the two countries launched the Joint Strategic Investment Fund worth $10 billion to enhance their economic and political cooperation.

The UAE also announced that it invested $10 billion in Indonesia's sovereign wealth fund – Indonesia Investment Authority, with a focus on strategic sectors, most notably infrastructure, roads, ports, tourism, agriculture and other promising sectors that have considerable prospects for growth and will help achieve economic and social growth and progress in Indonesia.

In May 2022, the UAE signed a Memorandum of Understanding to establish a joint investment fund in several vital sectors in Greece worth $4.2 billion.

WAM/Amjad Saleh/Hatem Mohamed/Tariq alfaham