UAE to pump new investments in Egypt: Emirati investment minister

Ahram Online , Wednesday 1 Nov 2023

The UAE is poised to inject additional investments in Egypt across various development sectors, said Mohammed Al-Suwaidy, the country’s minister of investment.

A photo showing Prime Minister Mostafa Madbouly during his meeting with Mohammed Al-Suwaidy, the UAE
A photo showing Prime Minister Mostafa Madbouly during his meeting with Mohammed Al-Suwaidy, the UAE s Minister of Investment. Cabinet

 

Al-Suwaidy's remarks came during a meeting with Egypt's Prime Minister Mostafa Madbouly on Tuesday to explore avenues for enhancing bilateral relations, according to a Cabinet statement on Tuesday.

Egypt is striving to attract foreign investment, particularly from Gulf nations to help its economy recover and fulfill its commitments to the International Monetary Fund (IMF) under the $3 billion loan deal signed last year.

Egypt is banking on attracting Gulf investment by offering state-owned assets under the government's IPO programme.

Al-Suwaidy expressed the UAE's eagerness to invest in various development sectors, highlighting that the directive to do so was issued by President Sheikh Mohamed bin Zayed Al-Nahyan.

For his part, Madbouly underscored Egypt's dedication to streamlining procedures and improving the investment climate.

He pointed to a range of recent incentives encouraging global investors to expand and localize their industry in Egypt.

These include the issuance of the coveted "golden license," 24 of which have already been granted, and the facilitation of land acquisition through ownership or usufruct.

In September, President Abdel-Fattah El-Sisi visited the UAE to talk with his counterpart Mohamed bin Zayed about bolstering bilateral economic cooperation.

The trade volume between the two countries reached $4.6 billion in the first 11 months of 2022, growing 6.5 percent compared to the same period in 2021.

In 2022, Egyptian imports from the UAE registered $2.9 billion, down from $3 billion.

Meanwhile, Egyptian exports to the UAE increased to $1.9 billion, up from $1.8 billion.

Search Keywords:
Short link: