By Ramy Sameeh:
Cairo-Mubasher: Dr. Sultan Ahmed Al Jaber, UAE’s Minister of State and head of coordination office for UAE development projects in Egypt, said the recent severe fluctuations in global oil market would not have any impact on his country’s financial aid to Egypt.
Global oil prices recorded last week their lowest level since May 2009, losing 50% since late June, due to increased U.S. output, coupled with weak global economic growth, in addition to the decision of OPEC member states to maintain output ceiling.
Speaking exclusively to Mubasher on the sidelines of a press conference held Tuesday in Cairo, Al Jaber stressed that the UAE will continue to assist Egypt in overcoming the current difficulties, regardless of the global markets volatility.
Egypt has received strong financial aid of above $20 billion from UAE, Saudi Arabia and Kuwait since the ouster of Islamist president Mohamed Mursi in July 2013.
An official at Egyptian General Petroleum Corporation (EGPC) said in August the UAE agreed in principle to supply Egypt with a huge portion of its oil needs till September 2015 at a total value of $8.7 billion.
Asked by Mubasher about the UAE’s preparations for Egypt’s planned economic summit, Al Jaber said UAE officials are helping their Egyptian peers as regards technical and administrative aspects.
Saudi Sovereign King Abdullah bin Abdul Aziz had called for a donors conference following the victory of President Abdel Fattah El-Sisi in Egypt’s presidential elections.
“The UAE will play a major role in Egypt’s economic summit,” said Al Jaber “This is aimed at attracting multi-billion investments and creating more jobs.”
Translated by Sayed Abdel Rahman
Cairo-Mubasher: Dr. Sultan Ahmed Al Jaber, UAE’s Minister of State and head of coordination office for UAE development projects in Egypt, said the recent severe fluctuations in global oil market would not have any impact on his country’s financial aid to Egypt.
Global oil prices recorded last week their lowest level since May 2009, losing 50% since late June, due to increased U.S. output, coupled with weak global economic growth, in addition to the decision of OPEC member states to maintain output ceiling.
Speaking exclusively to Mubasher on the sidelines of a press conference held Tuesday in Cairo, Al Jaber stressed that the UAE will continue to assist Egypt in overcoming the current difficulties, regardless of the global markets volatility.
Egypt has received strong financial aid of above $20 billion from UAE, Saudi Arabia and Kuwait since the ouster of Islamist president Mohamed Mursi in July 2013.
An official at Egyptian General Petroleum Corporation (EGPC) said in August the UAE agreed in principle to supply Egypt with a huge portion of its oil needs till September 2015 at a total value of $8.7 billion.
Asked by Mubasher about the UAE’s preparations for Egypt’s planned economic summit, Al Jaber said UAE officials are helping their Egyptian peers as regards technical and administrative aspects.
Saudi Sovereign King Abdullah bin Abdul Aziz had called for a donors conference following the victory of President Abdel Fattah El-Sisi in Egypt’s presidential elections.
“The UAE will play a major role in Egypt’s economic summit,” said Al Jaber “This is aimed at attracting multi-billion investments and creating more jobs.”
Translated by Sayed Abdel Rahman
Source:
Mubasher Exclusive
