CAIRO – 31 July 2024: The UAE's investments in Egypt surged to $2.1 billion in the first half of FY2023/2024 from $1.5 billion in the corresponding period of FY2022/2023, marking a 41.1 percent increase, as per the latest data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
Moreover, the bilateral trade between Egypt and the UAE hit a milestone, reaching $1 billion in the first quarter of 2024, compared to $901.6 million in the same period of 2023, reflecting a 12.5 percent rise.
Egyptian exports to the UAE also saw growth, with exports totaling $380.1 million in the first quarter of 2024, up from $379 million in the same period of 2023, showing an increase of 0.3 percent.
Conversely, Egyptian imports from the UAE surged to $634.5 million in the first quarter of 2024 from $522.7 million in the same period of 2023, demonstrating a significant 21.4 percent increase.
The primary commodity groups exported by Egypt to the UAE in the first quarter of 2024 were:
1. Pearls, gemstones, and jewelry valued at $87.2 million.
2. Machinery, electrical appliances, and parts valued at $58.3 million.
3. Fruits valued at $45 million.
4. Clothes valued at $23 million.
5. Vegetables and plants valued at $21.6 million.
These numbers align with the visit of UAE President, Sheikh Mohammed bin Zayed, to Egypt, where he landed at El Alamein International Airport for a multiday visit.
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