Minister of Finance Mohamed Maait held a bilateral meeting with Mohammed bin Hadi Al-Husseini — the Minister of Finance of the UAE — on the side-lines of their participation in the World Government Summit for 2022 in Dubai.
The two ministers reviewed the global economic scene, which is being subjected to violent tremors caused by the still ongoing coronavirus pandemic, its inflationary effects, and the repercussions of the Russian-Ukrainian conflict, casting a shadow on the global economy, severely disrupting supply chains, and kickstarting a sharp and significant rise in the prices of basic commodities, especially wheat, non-essential goods, services, freight and transportation costs, and the cost of financing, in a way that has led to unprecedented rates of inflation that most of the world’s economies have not experienced in more than forty years.
The two sides also agreed on the necessity of maximising efforts to implement Arab integration to face the current global economic challenges and alleviate their severity on citizens.
Maait stressed that this turbulent atmosphere in the global economy reflects the importance of the Egyptian economic reform programme, and the gains it has achieved that gave the Egyptian economy the ability to withstand international challenges and absorb shocks in a way that won the confidence of international rating and finance institutions.
He pointed out that the state attaches great importance to maximising investments in Egypt by overcoming obstacles for investors; developing infrastructure; and automating procedures, financial services, and business systems related to various investment fields.
Furthermore, Maait affirmed Egypt’s keenness to develop cooperative relations with the UAE, especially in the economic and investment fields —0 with a focus on all development and technological sectors — to achieve optimal utilisation of all available opportunities and enhance integration between them.
For his part, Al-Husseini stressed the depth of relations between the two countries and two brotherly peoples, and the permanent support they provide to each other.
He also explained that his country is looking forward to strengthening bilateral cooperation in all fields in a way that contributes to encouraging investments, developing existing investments, and making all efforts to attract more Emirati investors to Egypt.
Moreover, the Emirati minister pointed out that Egypt is one of the most attractive destinations for Emirati investments as a result of the efforts that have led to a tangible improvement in the investment climate in Egypt, including the unprecedented development in the business environment.