Skip to main content

Egypt's Sisi meets UAE leader amid economic woes

Egypt's President Abdel Fattah al-Sisi receiving the UAE's President Sheikh Mohamed bin Zayed al-Nahyan at the presidential palace in Cairo
— Cairo (AFP)

Egyptian President Abdel Fattah al-Sisi on Wednesday welcomed his Emirati counterpart Sheikh Mohamed bin Zayed al Nahyan in Cairo, his latest meeting with a leader from the oil-rich Gulf amid his country's economic crisis.

Sisi has been courting Gulf leaders as Egypt grapples with economic turmoil that has seen official inflation shoot up to nearly 34 percent and the local currency halve in value over the past year.

The two leaders "explored opportunities to further strengthen the deep-rooted ties between the UAE and Egypt", Sheikh Mohamed tweeted.

They also "discussed our shared interest in promoting regional stability and progress", he added.

Egypt was hit hard by the impact of Russia's invasion of Ukraine last year, having heavily relied in wheat imports and revenues from tourism from both countries.

Cairo's foreign reserves fell by about 20 percent in one year to $34.45 billion -- about $28 billion of which are deposits from wealthy Gulf donors.

Experts have for months warned that Egypt is among the top five countries at risk of defaulting on its debt, which hit a record high of $162.9 billion at the end of 2022, according to official figures.

But Sisi's Gulf allies -- on whose support he relied after deposing Islamist president Mohamed Morsi in 2013 -- are now demanding economic reform and greater transparency in return for their largesse.

Earlier this month, Sisi visited Saudi Arabia where he met de facto leader Crown Prince Mohammed bin Salman.

Cairo also serves as the headquarters of the Arab League and on April 1 welcomed Syrian Foreign Minister Faisal Mekdad, who on Wednesday was in Saudi Arabia for the first time since his country's civil war broke out.

The visits are part of efforts, largely spearheaded by the UAE, to bring Syria back into the Arab fold. A meeting is due to be held in Jeddah on Friday to discuss allowing President Bashar Al-Assad's Syrian government to attend an Arab League summit next month.

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Already a Member? Sign in

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial
What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

Already a Member? Sign in

The Middle East in your inbox Insights in your inbox.

Deepen your knowledge of the Middle East

Trend Reports

Saudi Crown Prince Mohammed bin Salman (4th R) attends a meeting with Chinese President Xi Jinping (3rd L) at the Great Hall of the People in Beijing on February 22, 2019. (Photo by HOW HWEE YOUNG / POOL / AFP) (Photo credit should read HOW HWEE YOUNG/AFP via Getty Images)
Premium

From roads to routers: The future of China-Middle East connectivity

A general view shows the solar plant in Uyayna, north of Riyadh, on March 29, 2018. - On March 27, Saudi announced a deal with Japan's SoftBank to build the world's biggest solar plant. (Photo by FAYEZ NURELDINE / AFP) (Photo credit should read FAYEZ NURELDINE/AFP via Getty Images)
Premium

Regulations on Middle East renewable energy industry starting to take shape

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial