.
Egypt’s reemergence on the world stage once again demonstrates its importance to regional and international affairs. Whether it’s North African stability or the region’s collective response to ISIS and other radical elements, Egypt is a lead actor whose involvement is inextricably linked to a better tomorrow for our region. That is why the UAE has partnered with Egypt in its effort to reform and revitalize its economy. A successful Egypt represents the keystone for a prosperous, tolerant and stable region.
As the gateway to Africa with unique access to the markets of Europe and Asia, Egypt’s geostrategic importance is clear. Couple this with a young and growing population approaching ninety million, an educated talent pool and fast growing consumer base, the Suez Canal’s primacy to global trade and the country’s rich, untapped mineral resources, and Egypt’s strategic influence as a guarantor for regional peace is unmatched.
We in the UAE know firsthand that a new Egypt is on the ascent, built on the strength of the Egyptian people and a comprehensive 21st-century economic vision. The success of the Egypt Economic Development Conference in March, where billions of dollars over the next decade was committed from international investors, illustrates the confidence that business and international leaders have in Egypt’s future.
I have had the privilege to lead the UAE Egypt Task Force and to work hand-in-hand with leaders from across the government of Egypt. It has been incredibly gratifying to participate in and watch the implementation of significant infrastructure and development projects, specifically designed to improve the daily lives of the Egyptian people. For example, the UAE National Marine Dredging Company (NMDC) worked closely with its Egyptian counterparts on the New Suez Canal project, which will promote trade and sustainable economic growth by increasing the canal’s capacity, along with its revenues.
So far, our collaboration has created almost one million jobs and completed projects that will benefit nearly 10 million Egyptians.
This newfound confidence in Egypt has been borne out by the markets, ratings agencies and foreign direct investment (FDI) inflows. Egypt is on track to hit six percent GDP growth by 2018, and the budget deficit is falling, expected at less than 10 percent of GDP for the current fiscal year. The Big Three credit rating agencies, Fitch, Moody’s and Standard & Poor’s, have all favorably revised their outlooks for Egypt, and the Arab Republic is pursuing vigorous reforms to make it easier for businesses to succeed, grow and create the jobs of tomorrow.
Market confidence is being buoyed by political stability. In May 2014, Egyptians took to the polls and gave a resounding endorsement to the leadership of President Abdul Fattah El Sisi. His election gave voice to millions of Egyptians and marked the rejection of religious extremism and factional sectarianism, as well as dangerous and radical ideologies that have no place in either modern Islam or society in general. Since taking the oath of office, the President has pledged to “reinstate the right meaning of religion” by promoting the peaceful and true teachings of Islam. He has said that the door to take part in the exchange of ideas will be open to all who don't resort to violence, and he is keeping his word. Parliamentary elections will further reflect the will and aspirations of the Egyptian people, and help ensure a legislative body more responsive to Egypt’s diverse population.
As I’ve said before, the road ahead will not be without challenges. But the Egyptian people have proven time and again that they committed for their country to meet its full potential and are willing to make the sacrifices to see this through to fruition. Guided by President Sisi’s steady hand, Egypt is building a new a society that draws on the rich heritage of its past—a society with an inclusive and democratically elected government that will provide a better, more stable future. We in the UAE believe that Egypt is now on a path to recovery that will benefit its own people, advance the country’s development and anchor the wider region’s stability and prosperity for years to come.
Dr. Sultan Ahmed Al Jaber is the Minister of State of the United Arab Emirates and the Chairman of Masdar.
The views presented in this article are the author’s own and do not necessarily represent the views of any other organization.
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A Regional Perspective on Egypt’s Stability
World map with the Middle East glowing with black background.
September 8, 2015
Egypt’s reemergence on the world stage once again demonstrates its importance to regional and international affairs. Whether it’s North African stability or the region’s collective response to ISIS and other radical elements, Egypt is a lead actor whose involvement is inextricably linked to a better tomorrow for our region. That is why the UAE has partnered with Egypt in its effort to reform and revitalize its economy. A successful Egypt represents the keystone for a prosperous, tolerant and stable region.
As the gateway to Africa with unique access to the markets of Europe and Asia, Egypt’s geostrategic importance is clear. Couple this with a young and growing population approaching ninety million, an educated talent pool and fast growing consumer base, the Suez Canal’s primacy to global trade and the country’s rich, untapped mineral resources, and Egypt’s strategic influence as a guarantor for regional peace is unmatched.
We in the UAE know firsthand that a new Egypt is on the ascent, built on the strength of the Egyptian people and a comprehensive 21st-century economic vision. The success of the Egypt Economic Development Conference in March, where billions of dollars over the next decade was committed from international investors, illustrates the confidence that business and international leaders have in Egypt’s future.
I have had the privilege to lead the UAE Egypt Task Force and to work hand-in-hand with leaders from across the government of Egypt. It has been incredibly gratifying to participate in and watch the implementation of significant infrastructure and development projects, specifically designed to improve the daily lives of the Egyptian people. For example, the UAE National Marine Dredging Company (NMDC) worked closely with its Egyptian counterparts on the New Suez Canal project, which will promote trade and sustainable economic growth by increasing the canal’s capacity, along with its revenues.
So far, our collaboration has created almost one million jobs and completed projects that will benefit nearly 10 million Egyptians.
This newfound confidence in Egypt has been borne out by the markets, ratings agencies and foreign direct investment (FDI) inflows. Egypt is on track to hit six percent GDP growth by 2018, and the budget deficit is falling, expected at less than 10 percent of GDP for the current fiscal year. The Big Three credit rating agencies, Fitch, Moody’s and Standard & Poor’s, have all favorably revised their outlooks for Egypt, and the Arab Republic is pursuing vigorous reforms to make it easier for businesses to succeed, grow and create the jobs of tomorrow.
Market confidence is being buoyed by political stability. In May 2014, Egyptians took to the polls and gave a resounding endorsement to the leadership of President Abdul Fattah El Sisi. His election gave voice to millions of Egyptians and marked the rejection of religious extremism and factional sectarianism, as well as dangerous and radical ideologies that have no place in either modern Islam or society in general. Since taking the oath of office, the President has pledged to “reinstate the right meaning of religion” by promoting the peaceful and true teachings of Islam. He has said that the door to take part in the exchange of ideas will be open to all who don't resort to violence, and he is keeping his word. Parliamentary elections will further reflect the will and aspirations of the Egyptian people, and help ensure a legislative body more responsive to Egypt’s diverse population.
As I’ve said before, the road ahead will not be without challenges. But the Egyptian people have proven time and again that they committed for their country to meet its full potential and are willing to make the sacrifices to see this through to fruition. Guided by President Sisi’s steady hand, Egypt is building a new a society that draws on the rich heritage of its past—a society with an inclusive and democratically elected government that will provide a better, more stable future. We in the UAE believe that Egypt is now on a path to recovery that will benefit its own people, advance the country’s development and anchor the wider region’s stability and prosperity for years to come.
Dr. Sultan Ahmed Al Jaber is the Minister of State of the United Arab Emirates and the Chairman of Masdar.
The views presented in this article are the author’s own and do not necessarily represent the views of any other organization.
