The UAE has invested $6.2 billion in a number of service and production sectors in Egypt, making it the biggest financier in the country, the Egyptian Minister of Trade and Industry Tarek Kabil has said.
Egyptian exports to the UAE increased 7 percent from $1.126bn in the first half of 2016, to $1.204bn during the same period in 2017.
Since then, trade relations between the countries have further progressed, as Egypt looks to increase the number of companies exporting to the UAE, as well as those partaking in exhibitions in the Gulf country, according to Kabil.
In the past few year, Egypt has suffered economic slowdown due to political conflict and security issues, which led it to introduce a three-year economic reform plan in 2016 that included energy subsidy cuts, tax hikes and the Egyptian pound floatation to cover shortage of US dollars.
This encouraged the International Monetary Fund (IMF) to support the plans with a $12bn loan, half of which has reportedly been delivered to the North African country.
Moreover, the UAE, along with Saudi Arabia and Kuwait, provided financial support to Egypt’s President Abdel-Fattah al-Sisi following the military ouster of former Islamist President Mohamed Morsi in 2013.
Organisers of Expo 2020 Dubai are reportedly expected to visit Cairo in 2019 to discuss the participation of Egyptian companies in the event.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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