UAE, Egypt non-oil trade exceeds $66.8 bn over 22 years
According to data from the Federal Center for Competitiveness and Statistics, the total value of non-oil trade exchange between the UAE and Egypt over the past 22 years, from 2000 to the end of H1 2022 amounted to more than 247.68 billion dirhams ($66.8 billion). The two countries posted a growth rate of 3635 percent at the end of 2021.
Regionally, the UAE is Egypt’s second-largest trading partner. Also, Egypt is the UAE’s fifth-largest trading partner in the Arab world in terms of non-oil intra-regional trade. It makes up 7 percent of all non-oil trade it conducts with Arab nations. Additionally, with a total investment of more than 55 billion dirhams in Egypt, the UAE is the country with the largest investment there globally.
From 744 million dirhams in 2000 to more than 27.79 billion dirhams in 2022, the volume of non-oil trade exchanges between the UAE and Egypt saw a major hike. The amount of trade exchanged between the two nations in H1 2022 totaled more than 14.1 billion dirhams, up from 13.2 billion dirhams in the same period last year, a growth of 6.4 percent.
50 years of bilateral cooperation in a variety of fields and sectors, as well as the addition of more high-quality investments, saw the development of Emirati-Egyptian economic relations, which culminated this year with the signing of the Integrated Industrial Partnership for Sustainable Economic Development. The agreement embodied the two nations’ intention to start a significant economic breakthrough that accelerates their sustainable development process.
Cairo will host a major celebration of the 50th anniversary of Egyptian-Emirati relations under the slogan ‘Egypt and UAE… One Heart,’ which will include a diverse agenda of events running from October 26-28. Ministers from both governments, as well as over 1,800 senior officials, businessmen, investors, intellectuals, innovators, and media professionals, will attend the ceremony.