UAE and Egypt... Strategic partnership, firmed principles, and a comprehensive development renaissance05 Jul 2021
UAE and Egypt... Strategic partnership, firmed principles, and a comprehensive development renaissance
Mansoor Mohamed Al Hamed
CEO, Mubadala Petroleum
The bond of friendship and brotherly relations between the UAE and Egypt has existed since the foundation of the Emirates, and has been the enabler of Mubadala Petroleum’s growing ties with the country in its energy sector.
With the aim of investing in long-term, impactful projects, we marked our entry into Egypt in 2018 with an acquisition of interests in the Shorouk Concession, which includes the world-class Zohr natural gas field. Cementing our commitment to growing our position, this was followed by our investments in exploration acreage in the Mediterranean and Red Sea, and we also now manage our shareholder’s interest in Arab Petroleum Pipelines Company (SUMED), Egypt’s well-established midstream service provider.
We commend the ongoing efforts of the Egyptian government to ensure an attractive investment climate especially within the energy sector, and in line with our aspirations, we look forward to the opportunities to expand our relations, and build on our strong collaboration well into the future for the prosperity of all.