UAE and Egypt strengthen economic ties in key sectors

Top officials at the event. WAM

Abdullah Bin Touq Al Marri, Minister of Economy, held bilateral meetings with Lieutenant General Kamel El Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport of Egypt, as well as Dr. Rania Al Mashat, Minister of Planning, Economy of Egypt.
International development and cooperation.

The discussion aimed to strengthen the economic partnership between the United Arab Emirates and Egypt in various sectors, including the new economy, transport, entrepreneurship, infrastructure, circular economy, agriculture and industry.

The meeting took place on the sidelines of Bin Touq’s participation in the 114th session of the Arab Economic and Social Council. The council meeting, which was held at the headquarters of the General Secretariat of the League of Arab States in Cairo, was chaired by the United Arab Emirates.

The Minister of Economy highlighted the strong strategic relations and deep brotherly ties between the United Arab Emirates and Egypt, characterized by flourishing cooperation and partnership in various sectors.

Bin Touq said: “Both countries possess significant resources and economic potential and boast strategic geographic locations that facilitate access to many key markets. The economic relationship between the UAE and Egypt is also constantly evolving in various sectors.

“The UAE is committed to supporting joint efforts with our partners in the Egyptian government to strengthen economic cooperation and establish new projects that are aligned with the future visions and aspirations of both nations.”

He stressed that the recently signed partnership agreement between the two countries on the Ras Al Hikma development project is a key milestone in developing economic ties and promoting mutual investment flows, especially considering the fact that it is the largest foreign direct investment in Egypt’s history.

The meeting between Bin Touq and Al Wazir focused on strengthening cooperation in various projects concerning infrastructure, logistics centres and industrial sectors in both countries.

The two Ministers exchanged insights and knowledge on effective policies and strategies to facilitate the transition towards a circular economy and a green economy, in order to leverage the collective capabilities and resources of both countries to implement these changes.

The meeting also discussed the issue of supporting bilateral cooperation in the field of cutting-edge technologies and innovations used in the development of airport infrastructure, as well as initiatives and strategies aimed at supporting the development of industrial clusters, which are catalysts for economic growth and sustainable development.

Bin Touq’s meeting with Dr. Rania Al Mashat focused on ways to strengthen economic relations in areas of mutual interest. Potential financing options were explored to facilitate the development of new joint projects, taking into account the development visions of both countries.

Both sides considered sharing expertise in international cooperation and development financing to support joint initiatives that create new growth opportunities and strengthen communication channels between the UAE and Egyptian business communities. The UAE is the largest Arab investor in Egypt and the third largest in the world.

Bin Touq discussed the fundamental pillars of the “We the UAE 2031” vision, which aims to make the country a global hub for the new economy over the next decade. This is in line with the country’s wise leadership vision and is supported by a series of policies and legislative changes adopted by the UAE government. These include developing a solid legislative framework for the economy, launching pioneering initiatives and programs to attract foreign direct investment, and establishing a comprehensive legislative regime to protect intellectual property. In addition, an ambitious strategy has been implemented to attract talent from key sectors, strengthening the country’s position as a major center for creativity and innovation.

The Minister of Economy has invited two Egyptian ministers to participate in the fourth edition of Investopia, scheduled for February 2025. The event will provide a key platform to explore the promising opportunities that the UAE offers to global investors.

WAM