UAE and Egypt explore development of economic partnership in new economy, transportation, entrepreneurship, circular economy, and industry

H.E. Bin Touq: UAE and Egypt share strategic relations & strong historical ties and we are committed to continue collaborating with our partners in the Egyptian government

Abu Dhabi, 8 September 2024:

H.E. Abdulla Bin Touq Al Marri, Minister of Economy, held bilateral meetings with H.E. Lieutenant General Eng. Kamel El Wazir, the Deputy Prime Minister for Industrial Development and the Minister of Industry and Transport of Egypt, and H.E. Dr. Rania Al Mashat, Minister of Planning, Economic Development, and International Cooperation. The discussion was aimed at strengthening the economic partnership between the UAE and Egypt in various sectors including the new economy, transportation, entrepreneurship, infrastructure, circular economy, agriculture, and industry.

The meeting took place on the sidelines of H.E. Bin Touq’s participation in the 114th session of the Arab Economic and Social Council. The council meeting, held at the headquarters of the General Secretariat of the League of Arab States in Cairo, was chaired by the UAE.

The Minister of Economy highlighted the robust strategic relations and deep fraternal bonds between the UAE and Egypt, characterized by flourishing cooperation and partnerships in diverse sectors.

H.E. Bin Touq said: “Both countries possess significant economic resources and potential, and boast strategic geographic locations that facilitate access to numerous key markets. The economic relations between the UAE and Egypt are also continuously evolving across different sectors. The UAE is committed to fostering joint efforts with our partners in the Egyptian government to enhance economic cooperation and establish new projects that align with the future visions and aspirations of both nations.” H.E. emphasised that the recently signed partnership agreement between the two countries for the Ras Al Hikma development project is a key milestone in the growth of economic ties and fostering mutual investment flows, particularly considering that it is the largest FDI in Egypt's history.

H.E. Bin Touq’s meeting with H.E. Eng. Kamel Al Wazir explored the strengthening of collaboration in various projects concerning infrastructure, logistics centres, and industrial sectors in both nations. The two ministers exchanged insights and knowledge on effective policies and strategies to facilitate the transition towards circular and green economies in order to leverage the two countries’ collective capabilities and resources to achieve these transitions.

The meeting also discussed fostering bilateral cooperation in cutting-edge technology and innovation applied in the development of airport infrastructure, apart from initiatives and strategies for fostering the growth of industrial clusters, which serve as catalysts for economic growth and sustainable development.

H.E. Bin Touq’s meeting with H.E. Dr. Rania Al Mashat examined ways to strengthen economic relations in areas of shared interest. It explored potential financing options to facilitate the development of new joint projects, taking the development visions of both countries into consideration.

The two sides deliberated on sharing expertise in international collaboration and development funding to foster joint initiatives that create new opportunities for growth and strengthen communication channels between the UAE and Egypt’s business communities. The UAE is the top Arab investor in Egypt, and the third largest globally.

H.E. Bin Touq elaborated on the fundamental pillars of the ‘We the UAE 2031’ vision, which aims to position the country as a global hub for the new economy by the next decade. It aligns with the forward-thinking vision of the country’s wise leadership and is supported by an array of policies and legislative amendments adopted by the UAE government. These include the development of a robust economic legislative framework, the launch of pioneering initiatives and programs to attract FDI, as well as the establishment of a comprehensive legislative system to protect intellectual property. Furthermore, an ambitious strategy has been implemented to attract talent across key sectors, thereby bolstering the country's standing as a prominent hub for creativity and innovation.

H.E. Bin Touq invited the two Egyptian ministers to attend the fourth edition of Investopia, scheduled to take place in February 2025. The event will serve as a key platform to explore promising opportunities that the UAE offers to global investors.