UAE wise leadership backs Egypt, says Al Jaber

SHARM AL SHEIKH, 15th March, 2015 (WAM) -- Dr. Sultan bin Ahmed Sultan Al Jaber, UAE Minister of State and Chairman of Coordination Office of UAE-funded Development Projects in Egypt, has affirmed that the directives of the UAE wise leadership to support Egypt. Al Jaber was addressing the main session at Egypt Economic Development Conference, which will conclude on Sunday in Sharm el-Sheikh, Egypt. "We, in the United Arab Emirates, are proud of the strength, depth and breadth of our relationship with the Arab Republic of Egypt, a relationship whose foundations were laid by our founding father, the late Sheikh Zayed bin Sultan Al Nahyan." He added that it is a relationship that continues to develop and grow day by day under the wise and visionary leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Supreme Council Members, Their Highnesses the Rulers of the Emirates. He also said, "As you are all aware, from the end of 2010 to June 2013, Egypt passed through a critical period that had adverse effects on its stability and economy. And it is to that end that the UAE leadership stood firmly by the people of Egypt, and directed me to handle this portfolio. It is why a joint UAE/Egypt task force was formed to achieve social and economic stability and development." The UAE Minister of State added that following discussions between the two countries, it was immediately evident that priority areas would emerge in infrastructure and development projects and will address the needs that cut across energy, housing, food security, education, vocational training, healthcare and transportation fields. "Every one of these projects are specifically aimed at impacting the daily lives of the Egyptian people." He brought to attention the fact that in order to achieve quick and tangible results, the leadership of the UAE gave directions to adopt a new and unique approach of working hand in hand with Egyptian partners in a tangible manner by being present and on the ground. He added, "Today, we are proud to claim that this new approach has resulted in 900,000 jobs, benefitting nearly 10million Egyptians." Al Jaber said, "Allow me here to say that this would not have been possible, had it not been for the collaborative spirit and efforts of our Egyptian partners and the UAE- Egypt Task Force. This spirit of camaraderie has vastly contributed to the realisation of the majority of these important projects in such a short period of time. It has also been the reason we have been able to make a substantial contribution to the development of a sustainable Economic Recovery Plan. This is what a constructive and engaging relationship can accomplish.'' Al Jaber added that this conference is not an objective by itself; but it is a milestone in the realisation of a comprehensive future of Egypt. "It is a first step of many that are aimed at achieving a sustainable economic future for the nation and its people." He also indicated that "I can safely say that the Egypt Economic Development Conference has achieved its two primary objectives. On the political front yesterday, there was a clear signal that the international community is engaged with the importance of Egypt and has a keen understanding of its pivotal role in the region. Economically, this conference is a clear indication that Egypt is on the right track to build a sustainable economy." The Minister further said, ''In the reality of things...we must all stand by Egypt today, because Egypt’s security and stability is the region’s security and stability." Al Jaber added that over the past few months, the government of Egypt has implemented bold decisions on the economic reforms front, including the gradual lifting of energy subsidies, tax reforms, amendments to investment laws and regulations, including the new investment law. "And today, we are already seeing the positive results of these measures," he added. He also pointed out that the International Monetary Fund (IMF) concluded an Article IV consultation on Egypt with positive projections for its economic plan. He underscored that a healthy and sustainable economy requires a steady in-flow of foreign direct investment, adding, "And so, I would like to congratulate Egypt on the important investments that have been and will be announced in Sharm el-Sheikh." He said that with that mind, "I also want to congratulate the entrepreneurs, the businessmen and the investor community that are here today, who recognised the opportunity of this first mover advantage." Al Jaber noted that under the leadership of President Abdul Fattah el-Sisi, and "with the participation of the Egyptian people, today we can all see a better future for Egypt ahead, a future that reflects a new spirit of collaboration, initiative, achievement and development and I believe that by multiplying efforts, pooling our resources and strengths together and by being both practical and realistic - we will be able to achieve collective success in and for Egypt." He concluded, "I would like to emphasise three things: one, this conference has already been a huge success. The proof is right here in this hall, representing the Egyptian leadership, leaders and businesses. Two: This is just the beginning of our journey to a new Egypt. The business community needs to commit to long term, sustainable investment. The path of reform that Egypt has begun must continue. And three, Egypt’s success is the cornerstone of a greater vision, one of tolerance, stability and prosperity for the entire region." – Emirates News Agency, WAM