UAE at the top of the list of FDI senders to Egypt

UAE at the top of the list of FDI senders to Egypt

The UAE's foreign direct investment (FDI) in Egypt rose to US$ 4.6 billion in the first nine months of the fiscal year 2021 - 2022, making the UAE a top FDI investor in the country, revealed Egyptian Prime Minister Mostafa Madbouly today.

"The UAE tops the list of FDI sending countries and is the first country to allocate investments to Egypt with a share of 29 percent of the total foreign investments flowing to the country in this period and about 72 percent of the total Arab investments flowing to Egypt in the same period,''

Mostafa Madbouly told celebrations of the 50th anniversary of Egypt-UAE that was held in Cairo under the title "Egypt and UAE Are One Heart" on Wednesday.

Madbouly said the UAE has always been among the first supporters of the Egyptian state in critical times.

Madbouly added that the occasion provides an excellent opportunity to develop common denominators and assert meanings of brotherhood within the single Arab body.

President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of the Arab Republic of Egypt held several talks recently to exchange views on the latest regional and global developments and to mobilize joint efforts aimed at establishing pillars of security and stability in the region.

The Egyptian premier said Egypt and Egyptians have always been keen on making contributions to the UAE in the fields of education, health, culture and justice.

Egypt is keen on building successful economic partnerships with the UAE by implementing a number of productive projects, especially in the agricultural and industrial fields, to increase the levels of self-sufficiency, the prime minister pointed out.

Egypt also eyes the effective participation of UAE investors in offering programmes under the umbrella of the State Ownership Policy Document, Madbouly noted.

He also asserted the importance of coordination and cooperation between the Sovereign Fund of Egypt and the sovereign funds in the UAE to implement projects in priority areas between the two countries to maximise the return on the investment assets of the two countries.

News Source: Emirates News Agency

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