Trade exchange between Egypt, UAE reached $3.6 billion in 2021: Minister

CAIRO – 28 May 2022: Trade exchange between Egypt and the United Arab Emirates reached more than $3.6 billion in 2021, Minister of Trade and Industry Nevine Gamea said on Saturday.

Gamea’s remarks came during her participation in a meeting for Egyptian Parime Minister Mostafa Madbouli with chiefs of 30 Emirati companies investing in foreign markets and different sectors in Abu Dhabi.

These sectors include industry, petroleum, energy, real estate, agriculture, communications, ports and logistics, tourism and aviation, information technology, financial markets, retail trade and recycling.

Madbouli headed a high-level delegation on Saturday to the Emirati capital to meet with Emirati investors and establish an industrial partnership between Egypt, UAE, and Jordan.

During the meeting, Gamea urged the Emirati companies to pump more investments in the Egyptian market and visit the industrial cities in Egypt.

Madbouli will take part in a tripartite meeting, during which an initiative for integrated industrial partnership is set to be launched between Egypt, UAE, and Jordan.

This should contribute to supporting and enhancing industrial integration between the three countries and serving their development goals, a statement by the Egyptian Cabinet read on Saturday.

The meeting with the Emirati businessmen sought to brief the businessmen about the investment opportunities in Egypt with the aim of attracting further Emirati investments.

Madbouli’s delegation includes Minister of Electricity and Renewable Energy Mohamed Shaker, Minister of Planning and Economic Development Hala El-Said, Minister of Agriculture El-Sayed El-Qusseir, and Minister of Trade and Industry Nevine Gamea.

During the visit, UAE International Investors Coucil said it looks forward to boosting Emirati investments to up to $35 billion during the coming five years.

 

Egypt has discussed ways of achieving integration with UAE and Jordan in industries based on investing in the competitive advantages of each country, the Cabinet said earlier this month.

As he held meetings with Egyptian ministers, Madbouli said that the leaders of the three countries are keen to push forward the tripartite cooperation to achieve integration in various sectors for the benefit of the peoples of their countries.

The meeting discussed the availability of raw materials, human and technological capabilities, a stimulating business environment, the consumer market, and the ability to access neighboring markets to achieve "integration" for the three countries.

On 24 April, Egyptian President Abdel Fattah El-Sisi received Jordanian King Abdullah II, and then-Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan in Cairo.

During the meeting, Sisi confirmed that Egypt looks forward to enhancing cooperation with Jordan and the UAE, advancing horizons of strategic partnership that achieves their common interests, and promoting joint Arab action.

This comes in light of the critical challenges and the economic and social crises in the region resulting from the current multiple regional and international developments.