Trade exchange bet. Egypt, UAE hits about $4.1B in 2020

CAIRO – 27 June 2021: Trade exchange between Egypt and the United Arab Emirates (UAE) recorded $4.111 billion during 2020, compared to $3.36 billion in 2019, according to Minister of Trade and Industry Nevine Gamea.

Gamea added that the UAE represents Egypt's largest trading partner in the Middle East.

The total Egyptian exports to the UAE market during 2020 amounted to about $2.882 billion, compared to $2.51 billion in 2019, she noted, pointing out that the UAE is the largest foreign investor in the Egyptian market, as it contributes to projects whose capital exceeds $7 billion.

These statements came during Gamea’s meeting with the new ambassador of the United Arab Emirates to Egypt Hamad Saeed Al Shamsi. They discussed enhancing means of cooperation between the two brotherly countries in various fields, especially economic and investment cooperation.

According to a statement issued by the ministry on Sunday, the minister said that the meeting reviewed the importance of maximizing the benefit of the brotherly relations that link the political leadership with Egypt and the UAE and pushing them to aspects of joint economic cooperation, which contributed to transferring the bilateral relations between the two countries to broader horizons, especially in the sectors of trade, industry and investment.

The minister pointed to the importance of building on the strong relations that bind the two countries, government and people, and translating them into major projects that benefit the two brotherly peoples and support the Egyptian and Emirati economies alike.

For his part, Hamad Saeed Al Shamsi, the new ambassador of the United Arab Emirates to Egypt, affirmed his country's keenness to strengthen cooperation with Egypt, especially in light of the close strategic relations between the two countries, which are based on a long history of brotherly relations.

Al Shamsi pointed out that these relations witnessed a remarkable development during the past years in several major sectors, especially in the economic and commercial fields.

The ambassador also praised the modern renaissance that Egypt is witnessing under the leadership of President Abdel Fattah El-Sisi in various fields, which included giant initiatives and projects, especially the New Administrative Capital project, which will be a model to be emulated at the regional and international levels.

He pointed out that the Egyptian government’s success in containing the crisis of the spread of the Corona virus and not resorting to a complete closure, similar to what happened in many countries of the world, represents a unique experience that many countries are currently seeking to adopt in order to maintain the continuation of the production wheel and achieve positive growth indicators, especially in the field of export.