CAIRO (Reuters) – United Arab Emirates president Sheikh Mohammed bin Zayed arrived in the Egyptian capital, Cairo, on Wednesday, the UAE state news agency (WAM) reported.
The reason for his visit was not immediately clear.
The UAE, alongside Gulf neighbours Saudi Arabia and Kuwait, sent Egypt billions in grants, cash and fuel shipments in the months after President Abdel Fattah al-Sisi, then army chief, led the overthrow of his Islamist predecessor Mohamed Mursi in 2013.
The money propped up Egypt’s economy. But ten years later, the economy is again under severe pressure and oil-rich Gulf monarchies have indicated that their no-strings attached aid policy days are over.
Sheikh Mohammed, known as MBZ, was met at the airport by Sisi, according to footage shown on Egyptian state TV. The two allies have maintained close political and economic ties.
Cairo secured a $3 billion financial support package from the International Monetary Fund (IMF) in December while it has devalued its currency by half since March 2022 after fallout from the Russian invasion of Ukraine exposed its economic vulnerabilities.
(Reporting by Alaa Swilam; writing by Maha El Dahanediting by John Stonestreet)
