- Egypt’s sovereign fund and Emirati companies were held to identify new areas of investment. According to the UAE’s Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi, real estate, and renewable energy were the two prominent new sectors identified for new investments.
The governments of Egypt and UAE celebrated the 50th anniversary of the establishment of Egyptian-Emirati relations in Cairo from October 26-28. The event saw the huge participation of more than 1800 delegates including ministers, senior officials, businessmen, investors, academia, and media professionals from both countries.
During the occasion, discussions between Egypt’s sovereign fund and Emirati companies were held to identify new areas of investment. According to the UAE’s Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi, real estate, and renewable energy were the two prominent new sectors identified for new investments.
UAE Minister of Economy Abdulla bin Touq pointed out that Egypt continues to be the gateway for Emirati investments to the continent of Africa. He revealed that currently, the volume of Emirati investments in Egypt amounted to $22 billion. The UAE is the largest investor in Egypt globally, with a cumulative investment of more than 55 billion dirhams.
Also read;
https://trendsnafrica.com/egypt-uae-and-saudi-together-account-for-74-of-ma-in-mena-countries/
https://trendsnafrica.com/qatar-egypt-economic-ties-on-the-rise/
Speaking on the occasion, the Minister of Planning of Egypt, Hala El-Said, stated that Egypt’s target is to increase the capital of the Sovereign Wealth Fund (SWF) to LE 400 billion, up from LE 200 billion finally reaching LE 1 trillion within five years.
