February 4, 2023

Gulf States Eye Egypt Power Plant, Fuel Firm in Investment Surge:

This support comes as North African nation seeks a deal with the International Monetary Fund. Several international investors, including Gulf sovereign wealth funds, have showed interest in Wataniya and the Siemens-built power plant. Oil-rich Gulf countries are looking to bolster Egypt’s economy as it comes under increasing strain from soaring commodity prices due to the war in Ukraine. Saudi Arabia and the United Arab Emirates pumped billions of dollars into Egypt after the 2013 ouster of a president who hailed from an Islamist political organization many Gulf states see as a threat.

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