UAE And Egypt Commit To Strengthening Economic Ties In Various Strategic Sectors

Abdullah bin Touq Al Marri, Minister of Economy, recently engaged in bilateral discussions with Lieutenant General Kamel El Wazir, Egypt's Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, as well as Dr. Rania Al Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation. These meetings aimed to bolster the economic partnership between the UAE and Egypt across various sectors.

The discussions occurred during Bin Touq’s participation in the 114th session of the Arab Economic and Social Council. This council meeting was held at the League of Arab States' General Secretariat headquarters in Cairo and chaired by the UAE. The focus was on enhancing cooperation in areas such as transportation, entrepreneurship, infrastructure, circular economy, agriculture, and industry.

Bin Touq highlighted the strong strategic relations between the UAE and Egypt. He noted that both countries have significant economic resources and strategic geographic locations that facilitate access to key markets. "Both countries possess significant economic resources and potential and boast strategic geographic locations that facilitate access to numerous key markets. The economic relations between the UAE and Egypt are also continuously evolving across different sectors," he said.

The Minister emphasised that the recently signed partnership agreement for the Ras Al Hikma development project marks a significant milestone in their economic ties. This project represents the largest foreign direct investment (FDI) in Egypt's history. The UAE is committed to fostering joint efforts with Egyptian partners to enhance economic cooperation and establish new projects aligned with both nations' future visions.

During his meeting with Al Wazir, Bin Touq explored ways to strengthen collaboration on infrastructure projects. They discussed logistics centres and industrial sectors in both countries. The ministers exchanged insights on policies and strategies to transition towards circular and green economies, leveraging collective capabilities to achieve these goals.

The dialogue also covered fostering bilateral cooperation in advanced technology and innovation for airport infrastructure development. Additionally, they discussed initiatives for growing industrial clusters that drive economic growth and sustainable development.

Economic Vision for 2031

Bin Touq elaborated on the ‘We the UAE 2031’ vision during his discussions. This vision aims to position the UAE as a global hub for the new economy by 2031. It aligns with the forward-thinking vision of the country’s leadership and is supported by various policies and legislative amendments adopted by the UAE government.

The strategy includes developing a robust economic legislative framework, launching initiatives to attract FDI, establishing a comprehensive system to protect intellectual property, and attracting talent across key sectors. These measures aim to bolster the country's standing as a hub for creativity and innovation.

Future Opportunities

Bin Touq invited both Egyptian ministers to attend Investopia's fourth edition scheduled for February 2025. This event will serve as a platform to explore promising opportunities that the UAE offers global investors.

In his meeting with Dr. Rania Al Mashat, Bin Touq examined ways to strengthen economic relations in shared interest areas. They explored potential financing options for new joint projects considering both countries' development visions.

The two sides deliberated on sharing expertise in international collaboration and development funding to foster joint initiatives creating new growth opportunities. They also discussed strengthening communication channels between business communities in both nations.

The UAE is currently Egypt's top Arab investor and ranks third globally in terms of investment volume. This underscores their deep fraternal bonds characterised by flourishing cooperation across diverse sectors.

With inputs from WAM