UAE, Israel, and Egypt leaders hold 'secret' talks on Iran, Ukraine in Cairo

UAE, Israel, and Egypt leaders hold 'secret' talks on Iran, Ukraine in Cairo
The UAE, Israel, and Egypt have met in Cairo to discuss trilateral issues including, Russia's ongoing war in Ukraine, oil production, Iran, and wheat supplies.
2 min read
22 March, 2022
Abu Dhabi also announced that they will be investing $2 billion in Egypt [Getty]

The leaders of Israel, Egypt, and the UAE held a three-way meeting in Cairo on Monday, in which issues relating to the ongoing invasion of Ukraine and efforts to counter Iranian influence were discussed. 

The meeting between Israeli Prime Minister Naftali Bennett, Egyptian President Abdel-Fattah Al-Sisi, and de-facto UAE ruler Abu Dhabi Crown Prince Mohammed bin Zayed Al-Nahyan was arranged in secret.

The three leaders "reviewed issues of interest, and the latest developments on the regional and international scene", the UAE's official WAM news agency.

On the same day as the meeting in Cairo, it was announced that the UAE had agreed to purchases stakes in Egyptian state-owned companies in a deal reportedly valued at $2 billion. 

The UAE has backed the current Sisi regime since the toppling of Egypt's first democratically-elected government in 2013. 

The talks come as a new nuclear deal between Iran and Western powers nears. Israel - a strong ally of the UAE - is strongly opposed to the new deal. 

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The talks also sought to address the global repercussions of Russia's invasion of Ukraine, leading to huge rises in energy and food prices. 

Israel and the US have been pushing the UAE and Saudi Arabia to increase oil production and provide respite to those countries that are traditionally dependent on Russian energy. 

So far, both of the oil-producing giants have indicated that they do not plan to increase production. 

At the meeting, Israel expressed its desire to help Egypt find alternative sources of wheat. Prior to the Russian invasion of Ukraine, Egypt, as the largest importer of wheat in the world, was dependent on supplies from Russia and Ukraine countries to serve its needs. 

Egypt has experienced financial difficulties lately, with the national currency taking a hit, and the country's central bank raising interest rates by one percent to 9.75 percent, for the first time since 2017. 

In light of Egypt's economic woes, the UAE has agreed to step in and buy parts of Egypt’s state-owned businesses, including the country’s largest bank, according to Bloomberg

Abu Dhabi wealth fund ADQ will reportedly buy an 18 percent of Commercial International Bank and a stake in four other listed companies including Fawry for Banking & Payment Technology Services SAE, anonymous sources said. 

ADQ has made previous investments in Egypt, last year, buying the Egyptian Amoun Pharmaceutical Company.

Talks between the IMF and Egypt are ongoing, with Cairo aiming to secure further loans from the body.