Egypt, UAE, Israel discuss energy market stability at Egypt summit

Egypt’s  President Abdel Fattah al-Sisi, Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan and Israeli Prime Minister Naftali Bennett discussed the stability of energy markets and food security on Tuesday, the Egyptian presidency said.

The three leaders held a meeting in the Egyptian Red Sea resort of Sharm al-Sheikh, it said in a statement.

Sheikh Mohammed bin Zayed is considered the de facto ruler of the United Arab Emirates.

The Egyptian presidency statement said other regional and international issues were discussed. It did not say whether they included the tensions between the oil-rich Arab Gulf states and Israel on the one side and Iran on the other.

Shared concerns over Iran prompted the United Arab Emirates and Bahrain to forge ties with Israel in 2020, creating a new regional axis at a time of uncertainty over the commitment of their key security ally, the United States, to the region.

The Gulf states were excluded from talks to revive a 2015nuclear pact with Tehran which they have criticised for not addressing Iran’s missiles programme and regional proxies,including in Yemen.

The UAE, along with Saudi Arabia, has resisted Western calls to hike oil output and contain a jump in crude prices caused by the conflict in Ukraine.
Egypt faces new economic pressures due to the war in Ukraine that saw it devalue its currency by 14% on Monday.

The war has also left Egypt facing higher costs for its substantial wheat import needs as well as a loss in tourism revenue from Russian and Ukrainian visitors to Red Sea resorts.Russia and Ukraine are the main suppliers of wheat to Egypt,which is often the world’s largest importer.

Egypt has called for financial support from wealthy Gulf states in the past.