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UAE tops Egypt's market destinations

UAE tops Egypt's market destinations
The GCC country has invested more than $7 billion in Egypt

Cairo – Mubasher: The UAE has been Egypt’s largest export destination as the GCC nation receives 11% of the country’s total exports, the Egyptian Minister of Trade and Industry, Nevine Gamea, revealed.

In addition, the GCC country has invested more than $7 billion in the most populous Arab nation and further $7 billion investments through memorandums of understating (MoUs) signed between the two sides, making it the top country with investments in the Egyptian market, Gamea added in a statement on Monday.

Gamea further revealed that contributions of Egyptian companies to the UAE market exceed $1 billion, noting that the two countries collaborate in implementing major projects in the UAE in the fields of construction, electricity, and airport development.  

This came during the first meeting of the Egyptian-Emirati Business Council headed by Gamea and the UAE’s Minister of Economy, Abdulla Bin Touq Al Marri.