Business | Investment
UAE investments in Egypt ventures reach Dh36.7b
UAE minister praises business climate
- Staff Report
- Published: 00:00 December 16, 2010
Dubai: The UAE's investments in Egypt have reached Dh36.7 billion ($10 billion) in 520 projects, according to the latest report by the UAE Minister of Economy.
UAE investments in Egypt include projects in industry, construction, urban development, housing, infrastructure, financing projects, communications, as well as agricultural and tourist development projects.
Trade between Egypt and the UAE totalled $766 million in the first seven months of the year. Egyptian exports to the UAE in that period hit $351 million. Egypt exports copper cables, fresh and dried oranges, crystal, furniture, tobacco and potatoes to the UAE.
Egyptian imports from the UAE hit $415 million and comprised diesel, fuel oil, polyethylene, pharmaceuticals, plastic sheets, carpets and polymers.
High-level delegation
Sultan Bin Saeed Al Mansouri, Minister of Economy who recently led a high-level delegation to Egypt, was welcomed by Dr Ahmad Nazif, Egyptian Prime Minister, and Minister of Trade and Industry and Acting Minister of Investment Rashid Mohammad Rashid and other senior officials. Dr Nazif, after a session of talks with Al Mansouri emphasised the Egyptian government's keenness to boost economic and investment relations between Egypt and the UAE and to tackle all obstacles that limit the flow of UAE investments to Egypt.
He also stressed Egypt's keenness to attract foreign investment and investments from Arab countries to the benefit of the two sides.
The two ministers signed a memorandum of understanding to enhance cooperation in industry and agricultural development, energy, infrastructure and urban expansion.
Al Mansouri praised the investment climate in Egypt. He said there were good opportunities for UAE investors due to the increasing returns in Egypt.
"The UAE investments in Egypt will focus on the fields of industry, agriculture and domestic trade, tourism, infrastructure, rail and maritime transport during the next phase," he said.
Volumes
He pointed out that the volume of UAE investment in Egypt currently stands at $10 billion and that there are tremendous opportunities for more UAE projects.
Al Mansouri also held side talks with Rashid in which both ministers considered new mechanisms for broader economic cooperation in the years ahead and for attracting UAE corporations to contribute to development projects in Egypt in the industrial, agricultural development, energy, infrastructure and urban expansion sectors.
Al Mansouri praised relations between both countries, adding: "We are keen to establish new projects in various sectors and to encourage UAE investments in Egypt."
Many UAE companies and funding institutions have shown a desire to invest in Egypt in various fields, he added.
Both parties decided to form a joint working group that will meet every three months alternately in Egypt and the UAE to discuss the obstacles facing projects.
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