Egyptian President Abdel Fattah el Sisi welcomes his Emirati counterpart Sheikh Mohamed bin Zayed Al Nahyan in Cairo, his latest meeting with a leader from oil-rich Gulf amid his country's economic crisis
President Sisi's Gulf allies are demanding economic reform and greater transparency in return for their largesse.
Sisi has been courting Gulf leaders as Egypt grapples with economic turmoil that has seen official inflation shoot up to nearly 34 percent and the local currency halve in value over the past year. Egypt was hit hard by the impact of Russia's offensive in Ukraine last year, having heavily relied in wheat imports and revenues from tourism from both countries.
Experts have for months warned that Egypt is among the top five countries at risk of defaulting on its debt, which hit a record high of $162.9 billion at the end of 2022, according to official figures.
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