UAE’s investments in Egypt hit $15 billion – official

The total investments of the United Arab Emirates in Egypt recorded around $15 billion, announced Undersecretary of UAE Ministry of Economy Abdullah Bin Ahmed on Wednesday.

“This move made the UAE topped the list of the most countries investing in the Egyptian market during the last period,” Bin Ahmed said on the sidelines of the Egyptian-UAE Business Council that was held in Cairo.

The forum aims to boost strategic cooperation between Egypt and the UAE to promote investments and encourage the participation of the private sector in the two countries in their economic development process.

“There are UAE-based 900 companies operating in the Egyptian market in various sectors,” he added.

As for UAE’s more expansion plans in Egypt, Emaar Properties is keen on investing $2.5 billion in the local market, besides Majid Al Futtaim which also seeks to invest additional $1 billion in the North African country, he added.