Investments made by the United Arab Emirates in Egypt rose to $1.9 billion during the first half of 2022, accounting for a 169 percent year-on-year increase, newly released data showed.
The Egyptian Central Agency for Public Mobilization and Statistics (CAMPAS) revealed that the UAE made investments worth $712.6 million during the same period last year.
CAMPAS said in a statement on Sunday that the value of trade exchange between the UAE and Egypt increased to around $1.2 billion during the first six months of this year, a 1.4 percent increase when compared to $1.1 billion during the same period last year.
The value of remittances from Egyptians who are employed in the UAE reached $3.5 billion during fiscal year 2020-2021, compared to $3.4 billion during fiscal year 2019-2020, also accounting for a 1.4 percent increase.
The release of these figures coincides with the UAE President Sheikh Mohamed bin Zayed’s visit to Egypt on Sunday evening where he met with his Egyptian counterpart Abdel Fattah al-Sisi to discuss bilateral ties as well as issues of regional and global interest, the official Emirates News Agency WAM reported.
The two leaders discussed opportunities for cooperation to enhance their strategic partnership, mainly in terms of economic development.
“The meeting also touched on the significance of enhancing joint Arab action and unity in facing the challenges witnessed by the Arab region. They also affirmed their support for all efforts to reach a permanent solution to crises in the region’s countries that contribute to boosting the foundations of security and stability in them and achieving prosperity and peace for their peoples,” the WAM report stated.
The UAE and Egypt both have diverse resources and unique competitive advantages, including access to raw materials.
In May, the two countries along with Jordan officially signed the ‘Industrial Partnership for Sustainable Economic Growth’ in Abu Dhabi to launch joint industrial projects which would promote economic growth and industrial integration, achieve self-sufficiency, and integrate value chains across the three nations.
The launch of the industrial partnership was in line with the UAE’s commitment to creating key partnerships at the regional and global levels, especially in the industrial sector and its vision to enhance the industrial sector’s role in the economy, integrate advanced technology, and utilize the competitive advantages and capabilities of each country.