Egypt-UAE trade rises 6.5% in 2022

Ahram Online , Thursday 13 Apr 2023

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 in 2021, according to the Middle East News Agency (MENA).

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File Photo: A general view of Port of Alexandria. courtesy of RSMT website.

 

During this time, Egyptian exports to the UAE increased by 14.4 percent year-on-year to $1.8 billion, while Egypt's imports from the UAE reached $2.8 billion, up from $2.7 billion in the same period of the previous year.

Meanwhile, during FY2021/2022 – which began in July 2021 and lasted through June 2022 – Emirati investments in Egypt surged by 300.8 percent to $5.7 billion, compared to $1.4 billion in FY2020/2021.

A year prior, remittances from Egyptian expatriates working in the UAE increased to $3.5 billion in FY2020/2021, compared to $3.4 billion in FY2019/2020.

On Wednesday, President Abdel-Fattah El-Sisi received the UAE President Sheikh Mohamed bin Zayed Al-Nahyan for talks to boost economic and political relations.

Last year, the two countries celebrated 50 years of bilateral relations under the slogan “Egypt and the UAE: One Heart."

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