The country's ruler, Sheikh Zayed al-Nahayan, has long been outspoken in his criticism of sanctions, for humanitarian reasons.

ECONOMIST: The Gulf

The deal was announced at the start of a visit to London by Sheikh Khalifa bin Zayed al-Nahayan, president of the United Arab Emirates.

BBC: Royal Dutch Shell wins huge UAE gas deal

Last month, UAE Foreign Minister Sheikh Abdullah bin Zayed al-Nahayan summoned Egypt's ambassador over claims carried by Egyptian media the UAE was behind a plot against Egypt's leadership, saying they were "fabricated".

MSN: Egypt's Brotherhood says UAE arrests unfounded