UAE: Oil for Egypt

The UAE has agreed to provide Egypt with around $9bn in oil products in the year from 1 September, the Egyptian oil ministry said on 31 August. An Egyptian official told Reuters that some of the products would come as grants, and the rest under a credit agreement to be repaid in instalments. The UAE has been one of Egypt’s main financial and political backers since the overthrow of Mohammed Morsi. The two countries have recently been accused of co-operating on a series of airstrikes in Libya.