UAE poised to inject more investments in Egypt’s economy

The United Arab Emirates will pump more investments in Egypt across various development sectors, the Gulf country’s minister of Investment Mohammed Al-Suwaidy has told Egyptian Premier Mostafa Madbouly.

Al-Suwaidy conveyed to Madbouly UAE’s eagerness to invest in various development sectors, highlighting that the directive to do so was issued by President Sheikh Mohamed bin Zayed Al-Nahyan, the office of the Egyptian Premier said.

The Gulf country’s intentions come amid Egypt’s efforts to attract foreign investment, particularly from Gulf nations to help its economy recover and fulfill its commitments to the International Monetary Fund (IMF) under the $3 billion loan deal signed last year.

The North African country is reportedly banking on attracting Gulf investment by offering state-owned assets under the government’s IPO program under which the shares of several state-run companies will be floated on the local stock market.

In September 2023, President Abdel-Fattah El-Sisi visited the UAE to talk with his counterpart Mohamed bin Zayed about bolstering bilateral economic cooperation.

The trade volume between the two countries reached $4.6 billion in the first 11 months of 2022, growing 6.5 percent compared to the same period in 2021.