$67.5 billion.. The volume of trade exchange between Egypt and the UAE
The volume of trade exchange between Egypt and the UAE exceeded more than 247.68 billion dirhams ($67.5 billion).
Shrouq
Egypt and the UAE have linked economic relations over many years, which was evident through the volume of trade and investment between the two countries.
The visit of the Emirati President, Sheikh Mohammed bin Zayed, to Cairo today, Wednesday, April 12, 2023, reflects the strength of the political and economic relations that bring the two countries together.
$67 billion
The UAE has investments estimated at $5.7 billion in Egypt. Abu Dhabi is Cairo's second largest trading partner. While Egyptian companies invest about $1.08 billion in the UAE in many sectors, most notably real estate and retail trade.
From the beginning of the millennium until the end of last year, the volume of trade exchange between the two countries amounted to more than 247.68 billion dirhams ($67.5 billion), according to data from the UAE Federal Center for Competitiveness and Statistics.
The year 2019 witnessed the launch of a joint strategic investment platform between the two countries, worth $20 billion, to implement vital projects in the economic and social fields.
Mutual investments
In May 2022, Egypt, the UAE and Jordan signed the Complementary Industrial Partnership Agreement to invest in several fields, most notably agriculture, food, fertilizers, medicines and petrochemicals.
An investment fund, managed by the Emirati holding company ADQ, has allocated $10 billion to invest in projects emanating from the integrated industrial partnership. The combined capacity of the participating countries represents about 22% of the GDP of the Middle East and North Africa region, at a value of $765 billion.
$3.5 billion in remittances from Egyptians working in the UAE
Remittances from Egyptian workers in the UAE amounted to $3.5 billion during the fiscal year 2020/2021, compared to $3.4 billion during the fiscal year 2019/2020, according to a statement by the Central Agency for Public Mobilization and Statistics.
Remittances from Emiratis working in Egypt decreased by 4.6% to 39.1 million during the fiscal year 2019/2020, compared to $41 million in the fiscal year 2019/2020.
