Egypt and the UAE.. New economic partnerships
Hussein Abd Rabbo
October 27 2022
The Egyptian-Emirati relations are characterized by a special nature in the course of Arab relations.
For half a century and more, the relations between the two brotherly countries were fraternal, not governed by interests or competition. Rather, there is a strategic depth, which was established by the late Sheikh Zayed bin Sultan Al Nahyan, may God rest his soul, who was in love with Egypt, and aware of its role and position in every citizen. An Arab, he has been supportive and supportive of Egypt since the era of President Gamal Abdel Nasser, to rebuild the Egyptian army after the 1967 setback, and his role in supporting Egypt in buying arms to prepare for the 1973 war, and his decisive stance with King Faisal, may God have mercy on him, in using the oil weapon against America and the West, to support and support Egypt in its war against Israel.
This pure relationship between Egypt and the Emirates continued, without any blemishes, even with the departure of Sheikh Zayed, may his soul rest in peace. His wills were for his honorable sons to continue to support and support the big sister Egypt, and the sons of Zayed continued to abide by the covenant always beside Egypt.
The people of Egypt do not forget the UAE’s position on Egypt’s side after the June 30 revolution, and how it supported Egypt in various fields, providing petroleum aid and contributing to many development projects, as well as its support in 2016 to Egypt with four billion dollars, half of which are deposits in the Central Bank, and the other half in investments. In order to support the Egyptian economy.
As the UAE has always been present in any economic scene in Egypt, it was and still is the largest investor with a cumulative investment balance of 55 billion dirhams, through 1,300 Emirati companies operating in all productive, service and agricultural sectors;
Etisalat was present in the mobile phone field, Emaar Holding in the real estate development field, Emirati banks, in addition to ADNOC in the automotive lubricant manufacturing field, as well as Majid Al Futtaim.
According to the Central Agency for Public Mobilization and Statistics in Egypt;
Emirati investments in Egypt jumped during the first half of the fiscal year (2021-2022) by about 169% over the same period of the fiscal year (2020-2021), while the value of trade exchange between the two countries increased to about $1.2 billion during the first quarter of this year.
Finally, the economic relations between the two countries took a new approach, away from aid, by entering into investment partnerships represented in the cooperation protocol signed between the Egyptian Sovereign Fund and Abu Dhabi Holding Company, by launching a joint investment platform worth $20 billion, to invest in the sectors of the financial industries, pharmaceuticals and health services. Energy, Financial and Logistics Services.
This platform enhances the economic relations between the two countries in the transformation into investment partnerships, which will benefit the economies of the two countries.
The UAE has also recently acquired stakes in Egyptian companies and banks, such as the Commercial International Bank, the Abu Qir Fertilizers Company, and Moico Petroleum Services, i.e. Finance for Financial Services.
Thus, the two countries are strengthening cooperation with each other in light of the opportunities available for investment in the Egyptian and Emirati markets.
The UAE has always been present in any economic scene in Egypt, as it was and still is the largest investor with a cumulative balance of 55 billion dirhams through 1,300 companies.
For half a century and more, the relations between the two brotherly countries were fraternal, not governed by interests or competition, and characterized by strategic depth.
Editor-in-chief of Al Borsa newspaper