UAE Leads as Egypt's Top Investor, Trade Partner: ECS Report

UAE, 31 May, 2024 :  Egypt's economic landscape sees the UAE emerge as its leading international investor, with data from the Egyptian Commercial Service (ECS) indicating investments totaling $9.6 billion and the presence of over 1,600 Emirati companies across diverse sectors in Egypt as of April 2023.

According to Yahya Al-Wathiq Billah, Head of ECS, this partnership underscores the crucial role of economic ties in strengthening the relationship between Egypt and the UAE. Al-Wathiq Billah highlights the UAE's position as Egypt's second-largest trade partner within the Arab world, with bilateral trade reaching $4 billion.

Egypt ranks as the UAE's fifth-largest Arab trade partner for non-oil goods, accounting for 7% of total trade with Arab countries, signaling a robust economic relationship with significant cooperation across various fields.

Trade statistics for 2023 reveal the depth of economic exchange between the two nations, with Egyptian exports to the UAE totaling approximately $2.2 billion and imports standing at around $1.8 billion. Key exports from Egypt include natural pearls, electrical machinery, ready-made garments, fruits, and vegetables, while imports from the UAE consist of fuel, plastics, copper products, and fish.

High-level meetings between UAE and Egyptian officials have facilitated bilateral cooperation, particularly evident in ventures like the collaborative effort in renewable energy. The UAE's early involvement in renewable energy partnerships with Egypt includes a landmark agreement for a 10 Giga Watt wind power project, promising cost savings on natural gas and reduced carbon emissions.

Additionally, there has been a notable increase in Emirati investment in the Egyptian market, evident through significant deals and acquisitions across real estate, services, logistics, and energy sectors.

Source : www.zawya.com