According to the UAE’s official news agency (WAM), UAE President Sheikh Mohammed bin Zayed arrived in Cairo on Wednesday.
There was some mystery around the purpose of his visit.
In the months after President Abdel Fattah al-Sisi – then army chief in 2013 overthrow of his Islamist predecessor Mohamed Mursi, the UAE, together with Gulf neighbors Saudi Arabia and Kuwait, provided Egypt with billions of dollars in grants, cash, and petroleum supplies.
The infusion of cash benefitted Egypt’s economy. Yet, the economy is now again under severe pressure ten years later, and the Gulf’s oil-rich monarchs have indicated the end of their no-strings-attached support program.
Egyptian state media broadcast footage of Sisi receiving Sheikh Mohammed, commonly known as MBZ, at Cairo International Airport. There has been no warming in the two partners’ political or commercial ties.
Egypt’s currency has devalued by half since March 2022, when the economic consequences of Russia’s invasion of Ukraine became clear. Cairo received a $3 billion financial rescue package from the International Monetary Fund in December (IMF).
