(Public Domain Photo)
By Dr Sultan Ahmed Al-Jaber, Minister of State for the United Arab Emirates
The past month has reinforced for the international community the importance of Egypt to the region and to the world. With the conclusion of the Arab League Summit and the Egypt Economic Development Conference (EEDC), Egypt has once again emerged as the region’s leading driver for prosperity, tolerance and stability.
We, in the UAE, understand and appreciate the importance of stability in Egypt, because of its impact on the larger region. That’s why we have worked so closely with our Egyptian partners to develop a market built on the strength of the Egyptian people and a comprehensive 21st century economic vision. The global participation in and success of the EEDC showed us that our initial work is paying off and that leaders from government, business and finance are taking note.
The confidence that world leaders demonstrated comes as no surprise to those of us in the UAE who have worked hand-in-hand with the Egyptians, to revitalise Egypt’s economy. That realisation is why investors from dozens of countries announced intentions to invest billions of dollars to Egypt, including projects that can begin tomorrow – an incredible measure of trust in Egypt’s market opportunities.
Before one dollar was committed, I sensed the EEDC was going to be a success. But as was said during my speech, this is only the beginning in a long journey towards recovery for Egypt. There remains a great deal of work to be done for the Egyptians to achieve a sustainable economic future for the nation.
Based on the directives of the UAE leadership, we continue to be committed to Egypt through the work of the UAE-Egypt Task Force, and we are honoured to begin this new era, together, as partners.
In collaboration, the UAE and Egypt have implemented significant infrastructure and development projects specifically designed to impact the daily lives of the Egyptian people. In all of our construction sites, and all of our offices and boardrooms, you will find balanced teams made up of UAE nationals and Egyptians, working together toward agreed upon goals – a living symbol of the connectivity and history between our nations. So far, our collaboration has created 900,000 jobs and completed projects that will benefit nearly 10 million Egyptians. At the EEDC, the UAE pledged an additional $4bn towards this unique partnership. And importantly, a number of UAE’s leading investors and developers announced plans for billions of dollars in additional investments.
The conference showcased a strong endorsement by the global investment community in President Abdel Fattah Al-Sisi’s vision. It reinforced trust and legitimacy in Egypt’s policymaking and its commitment to reducing energy subsidies, overhauling the tax system and reining in budget deficits. Through the President’s strong leadership, Egypt is shaping into a fertile environment for job creation, strong growth and reasonable returns on investment.
The rest of the world is taking note, and Egypt must build on the momentum coming out of the EEDC and meet the increasingly demanding expectations of domestic and international investors in order to fulfil Egypt’s promise to the region. That includes implementing all fiscal and business climate reforms, ensuring speedy delivery on investment commitments, and making sure reforms benefit all Egyptians through jobs and social programmes.
This is the moment for key stakeholders in the Egyptian government to maximise the opportunity. By adopting a comprehensive, inclusive and transparent implementation programme, the Egyptian government can continue the momentum from the EEDC and pave the way for future engagement with the international community for years to come. The world wants to see a government committed to action, and we believe that Egypt is ready and able to deliver.
The development conference is just the beginning of a new chapter of sustainable investment and partnership. I am confident that the international business community will multiply Egypt’s efforts, leverage its resources and strengths, and help the people of Egypt build a future that reflects the true potential of their great nation.
