Discussions bet. sovereign fund, Emirati companies to pump new investments in Egypt

CAIRO - 26 October 2022: Discussions between Egypt's sovereign fund and Emirati companies are being held to pump new investments into several sectors, most notably real estate and renewable energy, according to the UAE’s Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi.

 

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. 

 

For her part, Minister of Planning, Hala El-Said, stated that Egypt targets to increase the capital of the Sovereign Wealth Fund (SWF) to LE 400 billion, up from LE 200 billion.

 

El-Said indicated that there is a target for the sovereign fund's capital to reach LE 1 trillion within five years.

 

Meanwhile, the UAE Minister of Economy, Abdulla bin Touq said that the volume of Emirati investments in Egypt amounted to $22 billion, pointing out that there are about 1,390 Emirati companies investing in Egypt.

 

The UAE Minister of Economy stressed that Egypt is the gateway for Emirati investments to the continent of Africa.

 

During the celebration, Egypt’s Prime Minister Mostafa Madbouli said that the UAE's direct investments in Egypt amounted to $4.9 billion during the first nine months of the 2021/22 fiscal year.

 

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.