Remittances from Egyptians working in UAE hit $3.3 billion in 9 months

CAIRO - 26 October 2022: Remittances of Egyptians working in the United Arab Emirates (UAE) to Egypt are estimated at $3.3 billion during the first nine months of the fiscal year of 2021-2022,, the Egyptian Prime Minister, Mostafa Madbouli, said Wednesday.

 

Madbouli added that the UAE's direct investments in Egypt amounted to $4.9 billion during the first nine months of the 2021-2022 fiscal year.

 

This came during the celebrations of the 50th anniversary of the establishment of Egyptian-Emirati relations, organized by the two governments.

 

The celebration is currently being hosted in the Egyptian capital, Cairo, from October 26 to 28, with the participation of ministers from the governments of the two countries, and more than 1,800 personalities including senior officials, businessmen, investors, intellectuals, creators and media professionals. 

 

“The United Arab Emirates has always been the first supporter of the Egyptian state at the most defining moments in its modern history,” Madboui said.

 

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 intra-regional trade.

 

The UAE is the largest investor in Egypt globally, with a cumulative investment of more than 55 billion dirhams.