Egypt’s Minister of Trade and Industry Nevine Gamea stated that the United Arab Emirates (UAE) market annually receives about 11% of Egypt’s total exports.
During the first meeting of the Joint Egyptian-UAE Business Council, Gamea said that the UAE investments in Egypt exceed $7bn in different projects, with additional $7bn worth memoranda of understanding signed between the two countries, making the UAE the top investor in the Egyptian market.
The Minister pointed out that the size of cooperation between Egyptian and Emirati companies in fields of contracting, power stations, airport development, and other economic activities, exceeded $1bn.
She stressed the importance of the Egyptian-UAE Business Council in defining and overcoming challenges that companies may face in the two countries.
The minister has mandated the commercial services office at the Consulate of Egypt in Dubai to provide all kinds of assistance and facilities for the Council in order to ease its work and achieve desired objectives.
During the meeting, the UAE’s Minister of Economy Abdulla Bin Touq Al-Marri affirmed his country’s keenness to enhance trade and economic cooperation with Egypt, as it is one of the most important trading partners of the UAE in the region.
Al Marri added that the UAE is the second largest Arab trade partner and the ninth in the world to Egypt, as the volume of non-oil trade exchange between the two countries recorded approximately $6bn in 2019, with a growth rate of 9.6% compared to 2018. He added that Egypt is the sixth largest Arab trading partner for the UAE.