Abdullah bin Touq, Minister of Economy of the United Arab Emirates, revealed a $20bn agreement that brought together The Sovereign Fund of Egypt and Abu Dhabi’s ADQ, in various sectors, especially food security and sectors related to sustainability, over the next 10 years.
He added that Dubai’s DP World for ports pumped investments worth $30bn in the port of Ain Sokhna, besides acquisition opportunities that are being studied.
During his speech at the celebration of 50 years of Egyptian-Emirati relations on Wednesday, he added that the company is studying investment opportunities to develop Egyptian ports.
Egypt has made a leap in legislative amendments to improve the investment environment in Egypt to become more attractive to investors.
He added that Egypt, for the UAE, is a quick gateway to Africa, coinciding with the approach of concluding free trade agreements.
The UAE Minister of Economy said that relations between Egypt and the UAE are historic, and Emirati investments in Egypt are estimated at $27bn, and investors look to Egypt as a gateway to Africa. There are 1,300 Emirati companies in Egypt in the fields of industry, agriculture, and construction.
He stated that there were meetings between Egypt and the UAE that were keen on creating an investment climate, commercial transactions, economic laws, creating job opportunities and promoting various sectors, pointing out that there are 700,000 young Egyptians working in the UAE.