"President Mubarak is giving special interest to the issue of investment and is keen to promote investment through offering Egyptian facilities to all investors," Eng. Rasheed Mohamed Rasheed, the Minister of Trade and Industry said in exclusive statements to the daily "Al-Gomhuria". 

Eng. Rasheed said UAE investors offered new ideas for increasing investments in the fields of harbors, gas transport networks, maritime and land transport, telecommunications, real estate development and tourism.

He said President Mubarak explained to UAE investors the progress of the Egyptian political and economic reform. He said Egypt attaches much importance to the UAE private sector investments.

He said excellent relations between Egypt and the UAE will help create an extremely positive climate for economic cooperation.

Eng. Rasheed said President Mubarak and Sheikh Khalifa discussed a project for youth training which costs one billion dollars.

He said this project will have inputs from UAE federal government, Dubai and a number of UAE investors. This project is planned to satisfy the needs of labour market of skills.

Eng. Rasheed said the training project fund will enable Egypt's youth of competing Asian labour in all labour markets in Arab countries in general and in Gulf States in particular.

Eng. Ahmed Al-Maghrabi, the Minister of Housing told "Al-Gomhuria" that steps for carrying out the memo of understanding between Egypt and the UAE on the establishment of Sheikh Khalifa city, have taken an accelerated pace.

He said this city will include 10,000 housing units which will be financed completely by Sheikh Khalifa.