The protocol aims to improve service quality, increase transaction speed and efficiency, and foster collaboration across scientific and technological fields to address emerging challenges.

Misr Insurance Managing Director and CEO Omar Gouda explained that the partnership aims to exchange expertise in innovative digital solutions for the insurance sector. It will focus on developing digital systems, IT infrastructure, and services using modern technologies.

He highlighted that the protocol emphasizes enhancing human capacity through specialized training programmes and exchanging expertise to improve employee skills.

Gouda added that the collaboration will focus on developing insurance products and services, ultimately enhancing customer service and advancing the sector's offerings.

Meanwhile, AAIC CEO Mohammed Mazhar emphasized that the protocol marks the first step towards further partnerships and cooperation.

He stressed that this collaboration would result in innovative and flexible insurance solutions, enable both companies to leverage the latest digital developments, and boost the competitiveness of the Arab market globally.

The UAE is the largest investor in Egypt and ranks third as its trading partner, according to UAE Ambassador to Egypt Mariam Khalifa Juma Mohammed Alkaabi.

According to data from the Central Bank of Egypt, UAE foreign direct investment (FDI) inflows into Egypt surged to $38 billion in 2023/2024, up from $3 billion in 2022/2023.

Moreover, Egypt's foreign direct investment outflows to the UAE increased to $1.3 billion in 2023/2024, compared to $1.2 billion in 2022/2023.

In 2024, Egypt signed its largest-ever direct investment partnership deal with the UAE to develop the Ras El-Hekma region into a first-of-its-kind Mediterranean urban community.

Alkaabi also noted that approximately 1,900 UAE-invested companies operate in Egypt across various sectors.

For his part, Minister of Investment and External Trade Hassan ElKhatib expressed strong support for this strategic protocol, which aligns with Egypt’s vision of fostering Arab integration and accelerating digital transformation across all economic sectors, particularly the insurance industry.

ElKhatib also highlighted the unique partnership between the two companies as a key driver of innovation and technological advancement in the region.

This portcol is seen as a critical step toward achieving Egypt’s Vision 2030, which aims to establish Egypt as a regional hub for trade and investment.

Furthermore, the minister noted that this partnership would attract foreign direct investments, create new job opportunities, develop digital infrastructure, and provide exceptional services to clients.

AAIC, founded in 1975, provides insurance and reinsurance services across the UAE.

Misr Insurance, established in 1934 by Mohamed Talaat Harb, was the first insurance company with Egyptian capital and management. It was created to provide insurance protection for Egyptian projects supporting national independence.