UAE Investments in Egypt Exceed $5bn – Minister

UAE’s investments in Egypt have surpassed US$5 billion so far, said Egyptian Minister of Planning Ashraf Al-Araby.

According to the UAE newspaper El-Bayan, the telecommunications sector seizes the lion’s share of UAE investments in Egypt, of US$2.74 billion. Coming second in the list, UAE’s industrial investments stand at around US$444 million.

Furthermore, UAE’s investments in the Egyptian construction sector ranked third, seizing US$359 million. The tourism sector came in the fourth position, with UAE investments worth US$257 million approximately.

Egyptian-UAE relations date back to 1971, when a federation was created between the seven Emirates of Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Qaiwain, Ras al-Khaimah and Fujairah; now the United Arab Emirates.

The UAE is ranked third (following Saudi Arabia) on the list of countries with the largest investments in Egypt.

*This story has been translated and edited by Amwal Al Ghad English