The United Arab Emirates will pump more investments in Egypt across various development sectors, the Gulf country’s minister of Investment Mohammed Al-Suwaidy has told Egyptian Premier Mostafa Madbouly. Al-Suwaidy conveyed to Madbouly UAE’s eagerness to invest in various development sectors, highlighting that the directive to do so was issued by President Sheikh Mohamed bin Zayed Al-Nahyan, the office of the Egyptian Premier said. The North African country is reportedly banking on attracting Gulf investment by offering state-owned assets under the government’s IPO program under which the shares of several state-run companies will be floated on the local stock market. In September 2023, President Abdel-Fattah El-Sisi visited the UAE to talk with his counterpart Mohamed bin Zayed about bolstering bilateral economic cooperation. The trade volume between the two countries reached $4.6 billion in the first 11 months of 2022, growing 6.5 percent compared to the same period in 2021.

Source: The North Africa Journal November 02, 2023 14:02 UTC