Egypt seeks new UAE foothold for National Investment Bank subsidiaries

Egypt is seeking to expand the presence of companies affiliated with its National Investment Bank (NIB) in the United Arab Emirates to provide electronic payment services to Egyptians living there, Planning Minister Ahmed Rostom said on Wednesday.

Rostom discussed the plans with UAE Ambassador to Cairo Hamad Obaid Ibrahim Salem Al Zaabi, as both countries seek to deepen economic and investment cooperation.

The government is looking to strengthen the National Investment Bank’s role as a state development arm and to open new opportunities for its subsidiaries in the UAE, particularly in electronic payments, Rostom said.

The initiative aims to provide technology-enabled financial services to Egypt’s community in the UAE, the ministry said.

Rostom said Egypt and the UAE were continuing consultations to advance economic partnerships and expand cooperation in investment and administrative reform.

Al Zaabi said bilateral ties were based on mutual trust and a shared interest in expanding economic partnerships.

UAE investments have a strong presence in Egypt and continue to expand across various sectors, supporting the country’s development efforts, he said.

The ambassador also praised Egypt’s support for the security and stability of the UAE and Gulf states and said Abu Dhabi was committed to continued coordination with Cairo on the development priorities of both countries.

Rostom is also planning a visit to the UAE to strengthen development and investment partnerships, the ministry said.