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The latest figures show that in the first half of 2022, UAE investment in Egypt increased to $1.9 billion, a year-on-year increase of 169%.
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Egypt’s Central Public Mobilization and Statistics Agency (CAMPAS) revealed that the UAE made investments worth $712.6 million during the same period last year.
The value of trade between the UAE and Egypt rose to around $1.2 billion in the first six months of this year, up 1.4 percent from $1.1 billion in the same period last year, CAMPAS said in a statement on Sunday.
The value of remittances from Egyptians working in the UAE reached $3.5 billion in the 2020-2021 fiscal year, compared to $3.4 billion in the 2019-2020 fiscal year, also an increase of 1.4 percent.
The release of these data coincides with UAE President Sheikh Mohamed bin Zayed visits Egypt on Sunday evening where he met his Egyptian counterpart Abdel Fattah el-Sisi Bilateral relations and issues of regional and global interests were discussed, according to the official Emirates News Agency, WAM.
The two leaders discussed cooperation opportunities to strengthen the strategic partnership, mainly in economic development.
“The meeting also spoke about the importance of strengthening joint Arab action and solidarity in addressing the challenges facing the Arab region. They also affirmed their support for all efforts to permanently resolve the crisis in the countries of the region, which would help strengthen the security and safety of these countries. stability and prosperity and peace for its people,” the WAM report said.
This UAE and Egypt Both have diverse resources and unique competitive advantages, including access to raw materials.
In May, the two countries and Jordan formally signed “Industrial Partnership for Sustainable Economic Growth” Launching a joint industrial project in Abu Dhabi to promote economic growth and industrial integration, achieve self-sufficiency, and integrate the value chains of the three countries.
The launch of the Industrial Partnership is in line with the UAE’s commitment to building key partnerships at the regional and global levels, particularly in the industrial sector, and its vision to strengthen the industrial sector’s role in the economy, integrate advanced technologies and leverage competitive advantage. Strengths and capabilities of each country.
read more:
UAE president holds talks with Sisi in Egypt
UAE, Egypt, Jordan sign industrial partnership for sustainable economic growth
Egypt plans to double exports to $100 billion in next three years: PM Madbouly
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