The trade exchange between Egypt and the UAE increased by 6.5 percent to $4.6 billion during the first 11 months of 2022, compared to $4.3 billion in the same period a year earlier, according to the Middle East News Agency (MEAN).
Egyptian exports to the UAE jumped 14.4 percent year-on-year to $1.8 billion in the 11 months that ended in November 2022.
Meanwhile, Egypt's imports from the Gulf country reached $2.8 billion in the first 11 months of 2022, up from $2.7 billion in the same period of 2021.
It is worth noting that Egypt's trade balance deficit recorded $2.48 billion in January 2023, a 47 percent drop from the $4.68 billion figure recorded in the same month in 2022. This is largely due to the devaluation of the Egyptian pound, which leads to decreased imports.
The Emirati investments in Egypt soared by 300.8 percent to $5.7 billion during the fiscal year (FY) 2021/2022, compared to $1.4 billion in FY 2020/2021.
Moreover, the remittances from Egyptian expatriates working in the UAE amounted to $3.5 billion in FY 2020/2021, up from $3.4 billion in FY 2019/2020.
On Wednesday, President Abdel-Fattah El-Sisi received the UAE President Sheikh Mohamed bin Zayed Al Nahyan upon his arrival at Cairo International Airport as the Emirati leader starts an official visit to Egypt.
Last year, the two countries celebrated 50 years of bilateral relations under the slogan “Egypt and the UAE: One Heart."