Trade exchange between the two countries increased by 7% during the first half

«Economy»: The UAE is the largest global investor in Egypt, with 55 billion dirhams

Bin Touq reviews in Egypt cooperation plans for the post-Covid-19 era.

From the source

The Ministry of Economy revealed that the UAE is the largest investor in Egypt at the global level, with a cumulative investment balance of more than 55 billion dirhams (15 billion dollars).

The Minister of Economy, Abdullah bin Touq Al-Marri, said that "the relations between the UAE and Egypt are well-established strategic relations, reinforced by the common will between the leaderships of the two countries to continue developing the bonds of cooperation to higher levels."

During bilateral meetings held in the Egyptian capital, Cairo, with the Minister of Trade and Industry, Dr. Nevin Gamea, the Minister of International Cooperation and Investment, Dr. Rania Al-Mashat, and the Minister of Planning and Economic Development, Hala Al-Saeed, he stressed the keenness of the UAE government to continue working with the Egyptian government to increase trade exchange. between the two countries, encouraging the flow of more investments in the promising sectors to the UAE and Egyptian markets, completing the cooperation efforts previously agreed upon between the two sides, and defining new paths for the development of trade and investment partnerships, during the next stage.

The Ministry of Economy stated that the meetings were held on the sidelines of the participation of the Minister of Economy and his accompanying delegation in the meetings of the 108th session of the Economic and Social Council of the League of Arab States in Cairo.

The Emirati and Egyptian sides stressed the importance of proposing new paths to stimulate, develop and diversify non-oil trade exchange, and facilitate access to goods and services in the two countries’ markets. coming.

They also discussed a number of cooperation axes within the framework of the joint investment platform, and they discussed ways to develop the government work system according to the memorandum of understanding signed between the two sides, expanding frameworks of cooperation in the real estate field, developing model service centers, and the Egyptian Government Excellence Award, as well as discussing efforts to accelerate the recovery phase. The two sides agreed to form a working group for the development of exports, with the aim of strengthening trade relations, expanding areas of economic cooperation and investment opportunities, and opening new paths for the flow of exports between the two countries.

For her part, Dr. Rania Al-Mashat revealed that trade exchange between Egypt and the UAE has reached important levels of growth, as the UAE market is the first destination for Egyptian exports, and annually receives about 11% of Egypt's total exports to the world.

She added that "the UAE contributes to the Egyptian market with projects with investments exceeding seven billion dollars, and more than seven billion dollars in additional investments, through memoranda of understanding signed between the two sides, making the UAE ranked first in the world in the list of countries investing in the Egyptian market."

the trade exchange

According to the Ministry of Economy, the volume of non-oil trade exchange between the two countries, during the first half of 2021, amounted to about 13.3 billion dirhams, compared to about 12.5 billion dirhams during the same period in 2020, with a growth of 7%.

While the volume of that exchange during the year 2020 amounted to about 26 billion dirhams, compared to 22.1 billion dirhams in 2019, a growth of more than 17%, despite the repercussions of the “Covid-19” pandemic on trade activities regionally and globally.

The UAE is Egypt's second largest trading partner at the Arab level, while Egypt is the UAE's fifth largest Arab trading partner in non-oil trade, and accounts for 7% of its total non-oil trade with Arab countries.

Investment size

On the investment level, the UAE is the largest investor in Egypt at the global level, with a cumulative investment balance of more than 55 billion dirhams (15 billion dollars), at a time when more than 1250 Emirati companies are working in Egypt with projects and investments that include various sectors of wholesale and retail, transport and storage. and logistics, financial sector and insurance activities, information and communication technology, real estate and construction, tourism, agriculture and food security.

In contrast, Egyptian companies invest more than four billion dirhams ($1.1 billion) in the UAE markets, and their projects also include the real estate and financial sector, construction, and wholesale and retail trade.

1250 Emirati companies operating in the Egyptian market, investing in various projects and fields.

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