Egypt's Minister of Trade and Industry Tarek Kabil listens during an interview with Reuters after Euromoney Conference in Cairo, Egypt September 19, 2017. REUTERS/Amr Abdallah Dalsh
CAIRO – 25 September 2017: The trade balance between Egypt and the United Arab Emirates (UAE) achieved a surplus of $735 million in the first half (1H) of 2017, compared to a surplus of $685 million in 1H 2016, Minister of Industry and Foreign Trade Tarek Kabil said Monday.
Kabil issued the statement as he headed to Abu Dhabi Monday morning, along with President Abdel Fatah al-Sisi, and also accompanied by an official delegation to discuss bilateral and economic cooperation with the UAE government.
"The UAE has topped the list of investing countries in Egypt as they are currently investing a total value of $6.2 billion in 868 projects in the sectors of communications, banking, real estate developing and tourism," Kabil said.
Emirati investments in Egypt have seen major development, especially after announcing the participation of UAE companies in cultivating 20 million palms as part of Egypt's national project to reclaim one million feddans, the minister added.
Egypt's exports to the UAE rose 7 percent to $1.204 billion in 1H of 2017 compared to $1.127 billion in the year-ago period.
The exported products included electric appliances, furniture, vegetables, fruits, medical supplies, iron and steel.
"The tangible increase in exports to the UAE came as a result of continuous efforts to promote Egyptian products in international markets," Kabil said, highlighting that Egyptian items are competing in Emirati markets due to their prices and quality.