Saudi, UAE support for Egypt

The overthrow of Egypt’s Mohammed Morsi in July (GSN 951/1) seems to have consolidated the determination of Saudi Arabia and the UAE to crush the Muslim Brotherhood. For Egypt’s new rulers, they are formidable allies, not least because of the hefty investments they have sent their way. Saudi Arabia pledged $5bn within hours of Morsi’s demise, and the UAE has reportedly given $4.9bn – $3bn initially, and another $1.9bn promised in October, during a visit by interim prime minister Hazem Beblawi – as well as a $2bn interest-free deposit in the central bank. And on 9 March, Dubai’s Arabtec Holding agreed to take on a project worth some $40bn to build a million houses in Egypt over the next six years.