Cairo – Mubasher: Bilateral trade between the UAE and Egypt amounted to $3 billion during the first half of 2019, the Middle East News Agency (MENA) reported, citing the undersecretary of the Foreign Trade and Industry at the UAE Ministry of Economy, Abdulla Al Saleh, as saying.

Trade exchange between the two countries is likely to stand at $8 billion by the end of 2019, posting a 10% year-on-year rise, he expected, adding that the UAE accounts for 21% or $2 billion of the Egyptian exports.

The UAE has invested around $15 billion in Egypt through 900 companies operating in different sectors, becoming one of the top investing countries in Egypt

Several Emirati firms are looking to expand in Egypt, including Emaar Properties, Majid Al Futtaim, LuLu Group, and Al Khaleej Sugar Co, with investments worth $2.5 billion, $1.7 billion, $500 million, and $1 billion, respectively.

The Emirati investments in the Egyptian banking segment total $1.5 billion in the present time, while amounting to $2 billion and $4 billion in the telecom and agricultural sectors, respectively.

The UAE is a key trade partner to Egypt, coming in the second place among Arab states and the tenth globally, he added during the ‘Egypt and UAE Forum for Trade and Investment’.

On the other hand, Egypt ranks the sixth among UAE’s Arab trade partners and the 21st on a global scale, he emphasised.

Several vital projects are being activated as part of the $20 billion joint strategic investment platform between the UAE and Egypt.

Translated by: Amal A. Wahaab