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Tuesday 20th March 2018

UAE FM: Egypt Resumes Its Leading Role in the Region

Politics

7Dnews London

Wed, 11 Sep 2019 16:59 GMT

Relations between Egypt and the UAE have always been at a good level and are currently developing at an unprecedented rate. The UAE and Egypt maintain close economic ties and trade between the two countries, with two-way imports and exports.

During the recent visit of the UAE Minister of State for Foreign Affairs Dr Anwar Gargash to the regular session of the Arab League at the foreign affairs ministerial level, he praised Egypt’s capabilities in facing its challenges and its eager attempts to accomplish its goals. Gargash tweeted “Each time I visit Cairo, I can comprehend that Egypt is recovering and consolidating its position. Recent indicators are encouraging, as the economic, investment and tourism figures are growing and improving. Egypt is capable of facing its challenges and accomplishing its targets. It is on the right track. Arab strength is reinforced by Egypt’s success.”

During Gargash’s visit to Egypt, he conducted bilateral talks with his counterpart Sameh Shoukry, where he expressed his country's keenness on fostering ties with Egypt with the aim of achieving common goals.

The UAE’s support for Egypt has increased since the June 30th revolution in 2013 in order to foster Egypt’s capability to confront internal and external challenges. The UAE also backed the Egyptian economy after the decision to float its pound, as the UAE deposited $1 billion in the Central Bank of Egypt (CBE) for a period of six years, to sustain Egypt’s exchange market.

According to The Arab Weekly, Egypt and the United Arab Emirates have agreed to forge stronger economic, trade and investment cooperation. CBE statistics illustrate that Egypt’s trade exchange with the UAE increased from $5.815 billion in 2018 to $5.922 billion in 2019.

Last year, Egyptian media reported that EgyptAir had signed a partnership agreement contract with UAE-based KMK Investment and US-based Safe Ports Holdings to establish a logistics village at Cairo International Airport.

Youmn Al-Hamaki, an economics expert, explained to 7Dnews that Egypt’s economic cooperation with UAE is at the highest level, noting, “the UAE is the first Arab country importing Egypt’s exports. It is one of its main trade and investment partners. Egypt’s imports from UAE reached $3.311 billion in 2018 in comparison with $2.920 billion in 2017.”

The UAE hosts quite a considerable number of Egyptian expatriates, which lends an extra advantage to the joint relations, said Al-Hamaki, affirming the importance of Egyptian expats’ remittances towards supporting Egypt’s external economic position. Remittances from Egyptian expatriates increased by 1.5% during the first quarter of 2019, reaching $5.9 billion, compared to $5.8 billion in the same quarter of 2018, according to the CBE. Egyptians invested $826 million in the UAE.

In a relevant context, The Arab Weekly reported that both countries are facing the same challenges and aggression from Iran and Turkey and affirmed Egyptian strength and stability following the ‘Arab Spring’ and the ousting of the late Islamist President Mohamed Morsi.

The UAE, together with Saudi Arabia, offered billions of dollars in aid to Egypt following Morsi’s removal in 2013. Apart from economic support, Abu Dhabi also offered unlimited political support to Cairo. Both countries agreed to enhance trade and investment cooperation, including customs duty exemptions and facilitating investment.


Middle East