RIYADH: The UAE will invest around $2 billion in Egypt by buying state-held stakes in companies in a bid to strengthen the country’s stability as economic hardships from the Ukraine war mount.
The world’s largest wheat importer has been hit hard by record grain prices that were fueled by the Russia-Ukraine war, Bloomberg reported.
The decision came during a rare meeting between leaders of Egypt, the UAE and Israel to discuss energy and food security.
Having been discussed before the Ukraine war, the deal has been sped up as fighting shook the global economy, Bloomberg reported citing a person familiar with the matter.
