CAIRO: The UAE stands as Egypt's top international investor, according to data from Egyptian Commercial Service (ECS) up to April 2023.

This partnership is reflected by the impressive investment volume of $9.6 billion and the presence of over 1,600 Emirati companies operating across various sectors in Egypt, as highlighted by Yahya Al-Wathiq Billah, Head of the ECS.

Al-Wathiq Billah, in statements to the Emirates news Agencty (WAM) emphasised the critical role of economic ties in fostering the strong relationship between Egypt and the UAE. He further noted that the UAE is Egypt's second-largest trade partner within the Arab world, with a bilateral trade volume reaching around $4 billion.

Underscoring the depth of this economic partnership, Al-Wathiq Billah pointed out that Egypt ranks as the UAE's fifth-largest Arab trade partner for non-oil goods, accounting for 7% of the UAE's total trade with Arab countries. He stressed that this flourishing relationship has fueled increased cooperation across various fields, with a particular focus on economic collaboration.

Trade statistics for 2023 illustrate the dynamism of this economic exchange. Egyptian exports to the UAE reached approximately $2.2 billion, while imports from the UAE stood at around $1.8 billion. Notably, key Egyptian exports include natural pearls, precious stones, electrical machinery and equipment, ready-made garments, fruits, and vegetables. Meanwhile, Egypt's main imports from the UAE comprise fuel, mineral oils, plastics and their products, copper and its products, and fish.

“Regular high-level meetings between UAE and Egyptian officials have bolstered bilateral cooperation across diverse economic sectors. As a prime example, the UAE was among the first nations to partner with Egypt in the field of renewable energy. This pioneering collaboration involved a landmark agreement to develop a massive 10 Giga Watt wind power project in Egypt. This project will not only deliver significant cost savings on natural gas but also contribute to a cleaner environment by reducing carbon emissions,” he said.

He highlighted a recent surge in Emirati capital flowing into the Egyptian market. This increased investment is evident through a series of key deals and acquisitions across various industries, including real estate, services, logistics, and the energy sectors.