UAE-Egypt non-oil trade amounts to AED89.5 B
Saturday, 11 16 2019, Category: Economy, Country: U.A.E
Eng. Sultan bin Saeed Al Mansouri, Minister of Economy, said that the non-oil trade between the UAE and Egypt over the five past years amounted to AED89.5 billion.
Their non-oil trade exchange last year also amounted to AED20.1 billion, a 14.6 percent growth compared to 2017, when it reached AED17.6 billion, reflecting the strong overall strategic partnership between the two countries, he added.
Al Mansouri stressed that the UAE is ranked first globally in terms of investments in Egypt, with the total value of its foreign direct investments, FDI, amounting to AED24.3 billion, reflecting the activity of 990 Emirati companies that invested in Egypt at the end of 2018.
He added that Emirati investments in Egypt are in many vital sectors, including banking, telecommunications and information technology, real estate, oil, tourism, pharmaceuticals, agriculture, insurance, ports and aviation.
Egypt is ranked 28th globally in terms of investing in the UAE and is ranked seventh among Arab countries, with its total FDIs valued at AED3.3 billion at the end of 2018, he further added while pointing out that in 2017, Egyptian FDIs valued at AED2.5 billion accounted for 34 percent of the UAE’s economic growth.
Source: Sharjah 24