UAE replaces Qatar as Egypt's partner on Suez project
Egypt has been coordinating with the United Arab Emirates on the Suez Canal project, amid growing public outcry at the lack of transparency surrounding it.
CAIRO — The Egyptian government is looking to rely on United Arab Emirates' (UAE) funding and expertise in carrying out the Suez Canal development project. It needs this support to realize additional growth due to the project’s economic and strategic significance. The UAE would effectively replace Qatar, which faced popular objections amid accusations that the former government of deposed President Mohammed Morsi had sold the Suez Canal to Qatar. But protests and objections against the project have been ongoing as the government has maintained discretion in not announcing its details.
Egyptian Prime Minister Hazem el-Biblawi visited the UAE on Oct. 24 — his first foreign visit since taking leadership of the government — during which he received additional grants to the sum of $1.4 billion in addition to the $3 billion that had been granted by the UAE to Egypt after Morsi’s ouster.
“The Suez Canal project file was high among the UAE’s interests, affording it a great deal of special importance at most meetings during the visit. The government received investment offers and part of the UAE grant was put toward laying the foundation for a highways and facilities project,” a source from the government who accompanied Biblawi on this visit to the UAE told Al-Monitor.
“The government is working diligently on the project to announce its details after the media uproar about it. The discussions of the project’s technical study should be finished next week,” explained the source, who preferred to remain anonymous. “The government is trying to quickly create a draft and final vision for the project, so that it can be put up for bids from international corporations. There is no problem for any Arab or foreign parties to join in this effort, as long as there are conditions that protect Egypt's security,” he continued.
