Abdullah bin Touq Al Marri, the UAE’s minister of economy, recently held bilateral meetings with Egypt’s Lieutenant General Kamel El Wazir, deputy prime minister for industrial development and the minister of industry and transport, and Dr. Rania Al Mashat, Egypt’s minister of planning, economic development, and international cooperation.
During the meeting, bin Touq expressed the UAE’s commitment to strengthening the economic partnership with Egypt in key sectors including the new economy, transportation, entrepreneurship, infrastructure, circular economy, agriculture and industry.
“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,” stated bin Touq.
Greater mutual investment flows
The meeting took place on the sidelines of bin Touq’s participation in the 114th session of the Arab Economic and Social Council. The UAE chaired the council meeting which took place at the headquarters of the General Secretariat of the League of Arab States in Cairo.
The UAE minister of economy highlighted the UAE and Egypt’s robust strategic relations which, in recent years, have become stronger through cooperation and partnerships in diverse sectors.
“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,” added bin Touq.
He also noted that the recent 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.
Transition towards circular, green economies
Al Marri’s meeting with El Wazir explored ways to strengthen cooperation in infrastructure, logistics centers, and industrial sectors in both the UAE and Egypt.
The ministers discussed the importance of effective policies and strategies to facilitate the transition towards circular and green economies to leverage the two countries’ collective capabilities and resources to achieve these transitions.
The meeting with El Wazir also discussed fostering bilateral cooperation in cutting-edge technology and innovation for the development of airport infrastructure. The UAE and Egypt also discussed initiatives and strategies for fostering the growth of industrial clusters, which serve as catalysts for economic growth and sustainable development.
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Strengthening communication between business communities
Meanwhile, bin Touq’s meeting with 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, considering the development visions of both countries.
The UAE and Egypt deliberated on sharing expertise in international collaboration and development funding to foster joint initiatives that create new growth opportunities and strengthen communication channels between the UAE, the top Arab investor in Egypt and the third largest globally, and Egypt’s business communities.
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