UAE investments in Egypt rise 169.1% in first half FY 2022

The Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS) has revealed that the value of Emirati investments in Egypt increased to $1.9bn (Dhs6.98bn) during the first half of the 2021-2022 fiscal year, compared to $712.6m (Dhs.617bn) during the same period of the fiscal year 2020-2021, an increase of 169.1 per cent.

According to a report published by the UAE’s state news agency, WAM, CAPMAS revealed that the value of the trade exchange between Egypt and the UAE increased to about $1.2bn during the first quarter of 2022, compared to $1.1bn during the same period in 2021, an increase of 1.4 per cent.

Figures from CAPMAS revealed that the value of remittances from Egyptians working in the UAE reached $3.5bn during the 2020-2021 fiscal year, compared to $3.4bn during the 2019-2020 fiscal year, an increase of 1.4 per cent.

In other news, during a meeting held in Cairo in August, Hamid Al Zaabi, DG of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF), Ahmed Khalil, chairman of the board of trustees of the Egyptian Money Laundering and Terrorist Financing Unit (Egyptian AML/CTF), and Judge Hatem Aly, regional representative of the United National Office on Drugs and Crime for the Gulf region, discussed the UAE and Egypt’s efforts and coordination in AML/CFT.

Read: UAE, Egypt discuss coordination to combat financial crimes

Earlier in May, the UAE, Egypt, and Jordan on Sunday signed an industrial partnership agreement in Abu Dhabi to enhance economic growth in the three countries across five key sectors.

The five areas that the three countries will cooperate on include food, agriculture and fertilisers; pharmaceuticals; textiles; minerals and metals; and petrochemicals.

By way of the industrial partnership agreement, a $10bn investment fund has been allocated and will be managed by ADQ Holding.

Read: UAE, Egypt and Jordan agree on $10bn industrial partnership investment fund