The volume of trade exchange between the United Arab Emirates (UAE) and Egypt increased by 14% in 2018, recording $5.48bn during the year 2018, compared to $4.8bn in 2017, according to the UAE Ministry of Economy.
The UAE`s imports from Egypt hiked by 10.5% in 2018, recording $2.1bn, up from $1.9bn the previous year.
Meanwhile, the UAE`s non-oil exports to Egypt increased by 45%, reaching $1.09bn in 2018, compared to only $0.75 in 2017.
Furthermore, the re-exportation value hiked to reach $2.48bn, compared to $1.97bn, a hike of 25%.
Phones came at the forefront of re-exports, followed by jewellery, and its parts.
In terms of the UAE’s total direct investments in Egypt, Sharif Al Badawi, the Egyptian ambassador to the UAE, said that it reached AED 30bn of which AED 24.3bn ($6.6bn) are in existing investments, while others worth about AED 5.5bn ($1.5bn) are still going, reported the UAE’s local newspaper, Al-Ittihad.
“UAE investments have been distributed in many sectors, including infrastructure, telecommunications, banking, real estate, retail, and industry,” he said.
He mentioned that by the end of last year, the number of UAE companies operating in Egypt exceeded 877 companies operating in 15 different economic sectors.
Notably, the UAE’s investments in Egypt are the largest among Arab countries and the most diversified.
UAE companies investing in Egypt include Majid Al Futtaim Group; Emirates Telecommunications Corporation; Emaar; DP World; Dubai Investments; Dana Gas; Agricultural Phenomenon; Gulf Sugar; Galfar; Thani Investments llC, and others.