Egypt, UAE presidents discuss promoting economic cooperation, joint investments

CAIRO – 18 September 2023: Egypt’s President Abdel Fattah El-Sisi and his Emirati counterpart, Mohamed bin Zayed, discussed on Monday promoting economic cooperation, joint investments and trade exchange.

As they met in Abu Dhabi, the two presidents discussed means of enhancing the Egyptian-Emirati relations at all levels and promoting their cooperation in developmental fields, said Egyptian Presidential Spokesman Ahmed Fahmi in a statement.

 

Moreover, the two leaders discussed latest regional developments and issues of mutual concern.

In this regard, they agreed to continue the joint effort to resolve the existing regional crises in a way that takes into account the interests of the Arab peoples, enhances Arab solidarity, and achieves stability and prosperity in the region.

The two leaders’ discussions also included the 28th United Nations Climate Change Conference (COP28), which Dubai will host at the end of this year.

The discussions sought to ensure benefiting from the successful Egyptian experience in hosting (COP27) in Sharm El-Sheikh and building on the results, the spokesman explained.

“The aim is to give impetus to joint climate action at the international level, in a way that preserves environmental resources and achieves the interest of humanity,” the spokesman added.

Sisi also congratulated Bin Zayed on the UAE’s achievement in the field of space after an Arab astronaut has completed the longest space mission, wishing the UAE and its brotherly people further progress and prosperity.

 

Egypt-UAE investments surge

The meeting comes while the UAE investments in Egypt increased to $5.7 billion during the fiscal year 2021-2022, up by more than 300 percent from the previous year, according to data by Egypt’s official statistical agency CAPMAS.

Also, trade exchange between Egypt and the UAE increased by 2.5 percent to record $4.9 billion in 2022.

Egyptian exports to the UAE stood at $1.9 billion in 2022, up by 10.6 percent from the previous year.

Meanwhile, the UAE exports to Egypt hit $2.9 billion in 2022, down from 3 billion in 2021.

Remittances from Egyptian expatriates in the UAE rose by 1.4 percent in the financial year 2021-2022 to reach $3.5 billion dollars, up from $3.4 billion in the FY 2020-2021.

Since the start of the Russia-Ukraine war and amid its economic implications, the UAE has shown great interest in boosting its investments in Egypt, completing acquisition deals for many Egyptian companies.