The UAE is the largest Arab investor in Egypt and the third largest in the world

The Ministry of Economy confirmed that the UAE is the largest Arab investor in Egypt, and the third largest in the world, noting that the partnership agreement signed between the UAE and Egypt for the Ras Al-Hikma development project represents an important milestone in strengthening economic ties, especially since it is the largest foreign direct investment in Egypt’s history.

On the sidelines of its participation in the meetings of the 114th session of the Arab Economic and Social Council in the Egyptian capital, Cairo, the Ministry extended an invitation to the Egyptian Minister of Transport and Industry, and the Minister of Planning, Economic Development and International Cooperation, to participate in the fourth edition of “Investopia”, scheduled to be held in February 2025.

In detail, Minister of Economy Abdullah bin Touq Al Marri met with the Deputy Prime Minister for Industrial Development and Minister of Transport and Industry of Egypt, Lieutenant General Engineer Kamel Al Wazir, and the Egyptian Minister of Planning, Economic Development and International Cooperation, Dr. Rania Al Mashat, with the aim of discussing the development of the economic partnership between the UAE and Egypt in the sectors of the new economy, transportation, entrepreneurship, infrastructure, circular economy, agriculture, and industry, during the next phase.

This came on the sidelines of Al Marri’s participation in the meetings of the 114th session of the Arab Economic and Social Council, which was chaired by the UAE and held at the headquarters of the General Secretariat of the League of Arab States in Cairo.

Minister of Economy Abdullah bin Touq stressed that the UAE and Egypt share strategic relations and fraternal and historical ties based on solid foundations and rules that have contributed to their continuity over the past decades, with the support of the leaderships of the two brotherly countries, until they became a pioneering model of distinguished economic and development cooperation and partnership.

He added: “The two countries enjoy great economic potential and an important geographical location through which they can access many strategic markets. The UAE-Egyptian economic relations are witnessing increasing growth in various fields, and we are keen to continue cooperation and joint work with our partners in the Egyptian government to enhance levels of economic cooperation and establish new and developmental projects that serve the visions and future aspirations of the two countries.” Al Marri pointed out that the recently signed partnership agreement between the two countries, regarding the Ras Al Hikma development project, represents an important milestone in strengthening economic ties and developing mutual investments, especially since it is the largest foreign direct investment in Egypt’s history.

Al Marri’s meeting with Lieutenant General Engineer Kamel Al Wazir witnessed discussions on enhancing cooperation in a group of projects related to infrastructure, logistics centers, and industrial sectors in the two countries, and exchanging best practices and expertise on policies and strategies for the transition towards a circular economy model and a green economy, and benefiting from the capabilities in the two countries during the coming period to support this trend, which contributes to the growth and sustainability of their economies.

Bin Touq’s meeting with Dr. Rania Al-Mashat discussed the exchange of expertise in the field of international cooperation and development financing, and stimulating joint work to open new development horizons that enhance communication channels between the Emirati and Egyptian business communities, especially since the UAE is the largest Arab investor in Egypt, and the third in the world.

During the meeting, Bin Touq reviewed the determinants of the “We the Emirates 2031” vision, which aims for the country to become a global center for the new economy by the next decade, in implementation of the forward-looking vision of the wise leadership.

The Minister of Economy invited the two Egyptian ministers to attend and participate in the fourth edition of “Investtopia”, scheduled to be held in February 2025.

• The UAE and Egypt discussed partnership in the sectors of the new economy, transportation and entrepreneurship.