Abu Dhabi, UAE— The UAE and Egypt economic ties have grown significantly over the last twenty years with trade touching $67 billion during the time.
These relations were crowned this year by the signing of the Industrial Partnership for Sustainable Economic Growth.
The UAE is Egypt’s second leading trade partner in the region while Egypt is the fifth leading trade partner of the UAE in terms of non-oil trade, accounting for seven percent of the total Emirati non-oil trade with Arab countries.
The UAE is also the largest international investor in Egypt, with cumulative investments worth over $15 billion.
Over the past 22 years, UAE-Egypt non-oil trade has totalled over $67.43 billion, rising by 3,635 percent since 2000, according to data by the Federal Competitiveness and Statistics Centre.
The top three commodities imported from Egypt in 2021 included crude gold, postal and financial stamps and display screens. The leading commodities exported to Egypt were crude gold, ethylene polymers, and propylene polymers.
The top three commodities that were re-exported to Egypt were communication devices, data processing equipment, and petroleum oils and oils obtained from continental mineral resources other than crude oil.
The value of Emirati investments in Egypt from 2003 to 2019 totaled some AED110 billion while the country was ranked first globally in terms of the number of companies operating in Egypt with nearly 1,250 companies, with capital amounting to US$17 billion.
The UAE is the largest investor in Egypt, with cumulative investments exceeding AED55 billion. More than 1,250 Emirati companies are operating in Egypt with projects in the wholesale and retail sectors, as well as in the transport, warehousing, logistics, financial, insurance, information and communication technology, real estate, construction, tourism, agricultural and food security sectors.
Egyptian companies have invested over AED4 billion in the UAE in the real estate, financial, construction, wholesale and retail sectors.
In May 2022, the two countries, along with Jordan, announced the signing of the Industrial Partnership for Sustainable Economic Growth, as well as the creation of a US$10 billion investment fund.
In 2019, the two countries launched a joint strategic investment platform valued at US$20 billion, to help implement vital economic and social projects.
In 2021, Sky AD announced its intention to invest EGP15 billion in launching real estate projects in Egypt over two years. The AD Ports Group also highlighted its plan to invest between US$23 billion and US$35 billion in Ain Sokhna Port over three years.
In June 2022, the Al Futtaim Group announced its plan to inject investments worth US$700 million to US$1 billion over the next three years.
The investments of ADQ in Egypt include stakes in the Commercial International Bank (CIB), one of the largest Egyptian banks, the Fawry payment platform, a pioneer in digital transformation and payments in Egypt, the Alexandria Container and Cargo Handling Company, the Misr Fertilisers Production Company (MOPCO) and the Abu Qir Fertilisers and Chemicals Company.