Minister of Economy Abdullah bin Touq Al Marri stressed the strength of the sincere brotherly relations and the close partnership that unites the UAE and the Arab Republic of Egypt, based on strong ties based on historical constants and authentic values that enjoy the support and care of the leaderships of the two brotherly countries.
In an interview with the Emirates News Agency, WAM, on the occasion of the celebration of the 50th anniversary of Emirati-Egyptian relations under the slogan “Egypt and the UAE are one heart,” Economy Minister Abdullah bin Touq Al Marri said that the late Sheikh Zayed bin Sultan Al Nahyan, may God rest his soul, is supportive. for Egypt and its people, and recommended it to be a solid Emirati approach. For more than half a century, the two countries have worked to develop prospects for bilateral cooperation in all development fields that serve the interests of both sides.
Al-Marri added that the will and desire of the wise leadership in both countries agreed on synergy, solidarity and unity of position in their appreciation of the political, economic and social interests and challenges in the region and working hand in hand to pursue a policy based on moderation, promoting peace and security, and joint pursuit of prosperity and sustainable development at the level of Arab countries and the Middle East. ..noting that based on these solid foundations, the UAE and Egypt were able to build a comprehensive strategic and development partnership at the governmental level as well as the private sector.
Commercial and investment cooperation.
Abdullah bin Touq Al Marri said that the strategic cooperation between the two countries was positively reflected in the numbers and indicators of economic and trade relations between the two countries, as the UAE today represents one of Egypt’s most important trading partners in the world and the second in the Arab world, and Egypt is the first commercial partner for the UAE’s non-oil trade with African countries during 2021 It accounts for 11% of the UAE’s trade with Africa in non-oil goods. At the Arab level, Egypt represents the fifth largest trading partner of the UAE.
He added that the value of the UAE’s trade with Egypt during the first eight months of 2022 amounted to about $5.1 billion, with a growth rate of 9% compared to the same period in 2021…while the total value of the two countries’ non-oil foreign trade during 2021 amounted to $7.6 billion, with a growth rate of 8%. Compared to 2020, as well as a growth of 26% compared to 2019 before the “Covid 19” pandemic.
The Minister of Economy indicated that in terms of mutual investments, the total value of Emirati investments in Egypt amounted to 28 billion US dollars by the end of 2020, including direct investments worth 9 billion dollars, which puts the UAE one of the most important countries investing globally in Egypt, and the UAE represents the first globally in The number of companies operating in Egypt is more than 1300 companies.
Tourism and aviation.
On the level of tourism exchange, His Excellency Abdullah bin Touq Al Marri said that the UAE and Egypt are witnessing high rates of tourist exchange, as the number of guests from hotel establishments from the Arab Republic of Egypt in the country during the year 2021 reached more than 740 thousand guests, and Egyptian tourism constitutes the fifth largest tourist market in the UAE The number of flights between the cities of the two countries recorded 164 flights per week, operated by 8 UAE and Egyptian national carriers.
Economic fundamentals.
Minister of Economy Abdullah bin Touq Al-Marri stressed that these figures confirm the strength of the existing economic and trade partnership and give a clear indication of the extent of the potential that can be achieved with the increase of our economic and trade cooperation, especially that the UAE and Egyptian economies represent two main drivers of the economies of the Middle East and one of the largest Arab economies as it exceeds The gross domestic product of both countries is 830 billion dollars during the year 2021, which constitutes 25% of the Arab gross domestic product.
He added that both countries are among the pillars of attracting foreign direct investment at the level of Arab countries. The value of foreign direct investment in both economies amounted to $310 billion by the end of 2021, which constitutes 30% of the total global investment incoming to the Arab countries combined.
Al-Marri continued: “The two countries have economic potentials in terms of their strategic geographical location, logistical capabilities, infrastructure and air, sea and land transport networks, which makes this partnership able to localize supply chains and create new trade routes, especially in light of the current challenges facing global supply chains and trade routes.”
– private sector..
The Minister of Economy said that the Emirati and Egyptian business communities enjoy strong, fruitful and effective partnership relations, and the existing partnership between the business communities on both sides is one of the pillars of the strength of the Emirati-Egyptian bilateral relations, and one of the most important priorities of the joint economic and commercial cooperation agenda.
He explained that the joint investments between the two countries are focused on sectors that represent a real bet to meet the requirements of economic growth and sustainability, and contribute to raising the levels of domestic product, stimulating investments and providing job opportunities, enhancing the competitiveness of the national economies in the two countries, and then raising the standard of living of the community and achieving the targeted growth and prosperity.
He added that the joint investment map covers all economic and development sectors, as it includes industry, energy, agriculture, real estate investment, communications, ports and logistics, tourism and aviation, information technology, financial markets and private investments, retail trade, financial services, petrochemicals, and others. It also includes Joint investments between the two countries to engage in the sectors of the new economy based on advanced technology, renewable energy and in the areas of recycling.
New economic opportunities.
Abdullah bin Touq Al-Marri said that the pioneering steps taken by the UAE and Egypt to overcome many of the economic challenges that characterized the last stage proved the ability of the two countries to enhance the competitiveness of their investment climate and provide broad potential for the business sector, adding that in light of these pioneering efforts and harmonious development policies, the environment is completely conducive. To move together towards a new phase of cooperation and partnership, in a manner that achieves our mutual interests and our future aspirations for prosperity and prosperity.
He pointed out that the current Emirati-Egyptian economic partnership has the ability to achieve economic integration in the areas of agricultural investments, food industries and manufacturing industries, as well as renewable and clean energy, due to the economic capabilities and potentials that the two sides enjoy, which would achieve self-sufficiency for the two countries in three main files. These are food security, energy security, and industrial integration. There are existing investments and projects in these sectors, and they hold promising opportunities for developing prospects for bilateral cooperation during the next stage.
Minister of Economy Abdullah bin Touq Al Marri said that we believe in the capabilities of Emirati-Egyptian economic cooperation and we have many common success stories, and we look forward to continuing the joint cooperation process towards unprecedented levels that serve the development agenda and achieve future visions for the two countries.
Abdullah bin Touq for #wm : UAE-Egypt relations are witnessing a new era of interdependence and economic integration.#Egypt_UAE_One_Heart #video_wam pic.twitter.com/2tE5sj3a8E
— Emirates News Agency (@wamnews) October 26, 2022
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