Investing more than $ 6.663 billion, assures rooted brotherhood to EGY-UAE progress and prosperity – Al Junaibi

Ashraf Abo Arafe

Ambassador Juma Mubarak Al Junaibi, the UAE Ambassador in Cairo and its permanent representative to the Arab League announced that his country comes first internationally and regionally in terms of foreign direct investment in Egypt, pointing out that the UAE investments in Egypt in 2018 exceeded some $ 6.663 billion, compared to $ 6.513 billion 2017.

This came during the fourth meeting of the UAE investors in Egypt, at the Ambassador’s residence in Cairo, in the presence of a number of ministers and businessmen from UAE investors and senior officials and leaders of UAE companies operating in Egypt in all vital fields.

Ambassador Al-Junaibi said that the economic relations between the UAE and Egypt have developed in recent years. The volume of trade exchange between the two countries in the period from January to October 2018 reached about 3 billion dollars.

He added that the number of UAE companies operating in Egypt reached 1065 companies until March 2019 compared to 923 companies in 2017. While investments exceeded this year about 6.663 billion dollars compared to 6.513 billion dollars in 2017, and thus the UAE has ranked first in the international and Arab countries in terms of foreign direct investment in Egypt, according to data issued by the General Authority for Investment in Egypt.

“We hope that we have been successful in building bridges of communication between our two brotherly countries, and to overcome some of the obstacles faced by some UAE companies in the past three years, in the hope that we succeed together during the current stage in overcoming any current or future obstacles.”,added Al-Junaibi. 

He also praised the important role played by the UAE companies operating in Egypt in pushing forward and consolidating bilateral relations at all levels, especially in the light of the continuous commendations by the Egyptian government of the state institutions and companies in terms of efficiency and quality in production and good reputation.

He also praised the efforts made by the Egyptian government to improve the investment climate in Egypt and provide promising investment opportunities, stressing that the UAE Embassy in Cairo is keen to facilitate the functions and support of any UAE investor in Egypt.

Al-Junaibi described the relationship between the UAE and Egypt as distinct and based on mutual respect and deeply rooted in history. He praised the ministers and investors of the UAE for their diligent efforts and their outstanding role in the success of the UAE’s investment projects in Egypt. He hoped that UAE-Egyptian relations will continue on the road to progress and prosperity.