The US ratings agency Fitch is expecting GCC companies to play a bigger role in Egyptian capital projects in 2015, as nations such as Saudi Arabia and Kuwait reduce direct financial aid.

Gulf states have provided in excess of $16bn in aid to Egypt since the military coup in 2013, but are unlikely to sustain this level of funding over 2015, according to Paul Gamble, director of Fitch’s sovereign group.

“Even prior to this oil price fall, we were already seeing a change in the way that Egypt would be supported by the GCC,” he says.

“The issue is the size of Egypt’s budget deficit. If there was a guarantee that the GCC would continue to provide budgetary support regardless, it would reduce the incentive for Egypt to tackle its deficit.”

Gamble says future support from the GCC is likely to manifest as assistance in investment projects, rather than direct budgetary commitments or deposits into central banks.

Egypt is holding an economic summit on 15 February in Sharm el-Sheikh next year, and has said it intends to use the event to attract investments to fund projects worth $80bn.

“When Egypt holds the Sharm el-Sheikh conference in February, it is likely that GCC companies will be fairly heavily involved,” says Gamble.

Some analysts are speculating that UAE firms with close links to national governments may offer their services to Egypt at a discount.

“It’s not clear whether the commercial terms will be completely revealed,” says Gamble. “Assistance with projects is likely to be far more common in the future than direct financial transfers, but if Egypt really needs it the GCC money will be there.”

The oil exporting nations of the GCC are all expected to see lower government revenues in 2015 due to the recent drop in oil prices, which have declined by more than 40 per cent since June.

Fitch is expecting Saudi Arabia, Oman and Bahrain to all run a budget deficit in 2015.