The United Arab Emirates (UAE) and Egypt have launched a joint investment program worth $20 billion to develop “economic and social projects”. The announcement took place in the framework of a visit of Egyptian President Abdel Fattah Al Sisi to Abu Dhabi, where he was welcomed by Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan. The investment platform will be run by Egypt’s recently established sovereign wealth fund and Abu Dhabi Development Holding Co. During the visit, both leaders also discussed about ways of strengthening relations between their countries and how to enhance coordination. This agreement adds to the economic program that Egypt started in 2016 to deal with its economic situation, which included devaluating the currency, in order to secure a $12billion loan from the International Monetary Fund. Egypt’s new wealth fund is considered by the government a key element for its economic revival, aimed at “helping the state better utilize its assets and to attract foreign investments”. Accordingly, Ayman Soliman, executive director of the fund, has expressed its intention to secure contributions from Saudi Arabia, Kuwait and Oman.