UAE investments in Egypt jump to $1.9 billion in H1

UAE investments’ value has increased in Egypt to $1.9 billion during the first half of fiscal year 2021/2022, Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) revealed on Sunday.

The value rose from $712,6 million compared to the same period for 2020/2021, an increase by 169 percent.

This increase after a series of government-backed and private companies’ forays into the Arab world’s most populous nation and third largest economy.

UAE President Sheikh Mohamed held talks with Egypt’s President Abdel Fattah al-Sisi during his visit as they discussed bilateral cooperation to increase the strategic partnership especially in the economic and development fields.

UAE has been increasingly boosting its investments in African nation through a series of deals spanning sectors from ports to energy.