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Tuesday, 10 December 2019

Volume of non-oil trade exchange between Egypt, UAE reached 24.5 billion dollars within 5 years: UAE economy minister

MENA , Thursday 14 Nov 2019
UAE Economy Minister Sultan bin Saeed al Mansouri
A file photo of UAE Economy Minister Sultan bin Saeed al Mansouri (Photo:Reuters)
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UAE Economy Minister Sultan bin Saeed al Mansouri said on Thursday that the volume of non-oil trade exchange between Egypt and the UAE reached 89.5 billion dirhams (24.5 billion dollars) within the past five years.

This reflects the strength of strategic partnership between both countries in all the different domains, Mansouri said in an interview to WAM during the current visit of Egyptian President Abdel Fattah El Sisi to the UAE.

The UAE comes first among the countries investing in Egypt with total direct investments of 24.3 billion dirhams until the end of 2018, he said.

The UAE investments in Egypt are in a number of pivotal sectors including the sectors of finance, banking, communication, information technology, real estate, oil, tourism, pharmaceuticals, agriculture, insurance, ports and aviation, Mansouri added.

Egypt comes in the 28th rank among the countries investing in the UAE with a total direct investment of 3.3 billion dirhams until early in 2018.

The bilateral non-oil foreign trade between Egypt and the UAE achieved positive growth within the past five years, said Mansouri.

There are several promising investment opportunities between both countries to upgrade the volume of current partnerships in the different sectors, he said.

On aviation trips and tourism exchange, Mansouri said that the number of flights of the national aviation companies reached 80 flights per week operated to Egypt.

He asserted the depth of brotherly ties binding Egypt and the UAE in the political, military, economic, cultural and social domains.

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