President Sisi's Gulf allies are demanding economic reform and greater transparency in return for their largesse.  / Photo: AFP / Photo: AA

Egyptian President Abdel Fattah el Sisi has welcomed his Emirati counterpart Sheikh Mohamed bin Zayed Al Nahyan in Cairo, his latest meeting with a leader from the oil-rich Gulf amid his country's economic crisis.

Sisi has been courting Gulf leaders as Egypt grapples with economic turmoil that has seen official inflation shooting up to nearly 34 percent and the local currency depreciating by half over the past year.

The two leaders "explored opportunities to further strengthen the deep-rooted ties between the UAE and Egypt", Sheikh Mohamed tweeted. They also "discussed ... shared interest in promoting regional stability and progress", he added.

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.

Cairo's foreign reserves fell by about 20 percent in one year to $34.45 billion — about $28 billion of which are deposits from wealthy Gulf donors.

TRT World