The United Arab Emirates’ (UAE) ambassador to Egypt, Gomaa Mubarak, expected his country’s investments in Egypt to increase, adding that many companies are considering to funnel new money into the local market.
“Egypt’s New Investment Law as well as its executive regulation encourages Emirati companies to imbrue new investments in Egypt,” Mubarak told Daily News Egypt, affirming the importance of Egypt’s ministry of investment and international cooperation’s efforts to attract new investments.
Emirati investments in Egypt are about $6.6bn while the Emirate firms’ numbers are about 990 firms, noted the ambassador, adding that Emirati companies are investing in the banking sector, ICT, agriculture, oil and aviation.
“There are many Emirati companies investing in the aviation sector such as Etihad Airway, Emirates, Fly Dubai, Air Arabia, as well as Egyptian aviation,” mentioned the ambassador, adding that the huge numbers of bilateral flights help the flow of the trade exchange.
Mubarak affirmed that his country’s relations with Egypt is a role model for many regional countries, adding, “we have very sturdy and diversified relations aspects. We are proud to be Egypt’s first economic partner.”