Emirati investments to mark $6.2B in 2017: Ambassador

CAIRO – 13 June 2017: Emirati investments to Egypt expected to reach $ 6.2 billion in 2017, UAE ambassador in Cairo Juma Mubarak Al-Junaibi said Monday.

After registering $ 6 billion in 2016, Al-Junaibi said that the UAE will be the biggest foreign direct investor (FDI) in the country, state-run news agency MENA reported.

During a meeting with UAE companies operating in Egypt, Al-Junaibi praised Egypt’s new investment law, stating that it would encourage more FDI into the country.

Al-Junaibi said that bilateral trade between both countries recorded $ 3.45 billion in 2016, compared to $ 2.59 billion in 2015.

The number of UAE companies working in Egypt currently stands at 877 companies, up from 819 companies by the end of 2016, Al-Junaibi said.