ALBAWABA - Sheikh Abdullah bin Zayed Al Nahyan, the UAE Minister of Foreign Affairs, has announced a $10 million grant to bolster the World Trade Organization's (WTO) budget. The thirteenth ministerial conference will be held in Abu Dhabi from 26 to 29 February, and the UAE is hosting the event.
Speaking in a video address on Saturday, Sheikh Abdullah bin Zayed announced that the United Arab Emirates will be allocating its grant to three specific funds. These funds will be launched at the thirteenth Ministerial Conference of the Organization in Abu Dhabi and will support various initiatives, including the Convention on Fisheries Support, the Enhanced Integrated Framework for the Support of the Least Developed Countries, and the Fund for the Support of Women in Export.
Noting the impending formal declaration at the Conference and the completion of the accession of East Timor and the Comoros to the WTO, he extended a warm welcome to the delegations attending the WTO Ministerial Conference, where they would be engaging in negotiations on important trade issues and exploring ways to improve the rules of the global trading system.
In order to build the Head of the Wise, Egypt and the UAE are inking a massive investment contract.
Ras Al-Hakim, a city west of Alexandria, will be developed thanks to a massive investment partnership agreement that Egypt and the UAE inked on Friday. This is one of the biggest deals that Egypt has ever done, and it will help the country weather its economic crisis and increase its dollar liquidity.
Mustafa Madboli, Egypt's prime minister, called the project the biggest FDI agreement in the country's history, highlighting the fact that the UAE would invest $150 billion in it during its lifetime.
Egypt received 35% of the project's lifetime income in just two months.
As far as he could tell, the project would be a joint venture between the ADQ and the Egyptian Urban Communities Authority. The $11 billion and Emrata deposits held by the Central Bank were to be converted to Egyptian pounds in advance for the project's investment, meaning they would be removed off Egypt's foreign debt line.
