Egypt, Russia, and UAE will sign in Cairo Tuesday an agreement to establish a tripartite investment fund, Egyptian Industry Minister Tarek Qabil told Amwal Al Ghad Monday.
The signing ceremony will take place during the 10th session of the Egyptian-Russian Committee meetings.
In May, the three countries agreed to launch a new Russian, Egyptian, and United Arab Emirates investment fund, with the participation of the state-run Russian Direct Investment Fund (RDIF) and Abu Dhabi Investment Fund, as well as two Egyptian giant banks; the Natioanl Bank of Egypt and Banque Misr.
Minister Qabil further said the fund would be a financial mainstay for a large number of projects, particularly logistic centres in the Suez Canal Development region, tourist hub, subways, and railway lines.
Meanwhile, the Russian Direct Investment Fund together with UAE partners have shown interest in making joint investments in the construction of grain elevators in Egypt. The RDIF’s CEO Kirill Dmitriev earlier said that “currently grain losses in Egypt made up 30 percent, so the issue was relevant,” adding that it would enable the agricultural sector to be much more effective. The Russian fund is also interested in transportation projects, which will help localize Russia’s car production in Egypt.
