Page 448 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

Bin Touq said, “Both countries possess significant economic resources and potential and boast
strategic geographic locations that facilitate access to numerous key markets. The economic
relations between the UAE and Egypt are also continuously evolving across different sectors.
"The UAE is committed to fostering joint efforts with our partners in the Egyptian government to
enhance economic cooperation and establish new projects that align with the future visions and
aspirations of both nations.”

He emphasised that the recently signed partnership agreement between the two countries for the
Ras Al Hikma development project is a key milestone in the growth of economic ties and fostering
mutual investment flows, particularly considering that it is the largest FDI in Egypt's history.
Bin Touq’s meeting with Al Wazir explored the strengthening of collaboration in various projects
concerning infrastructure, logistics centres, and industrial sectors in both nations.

The two ministers exchanged insights and knowledge on effective policies and strategies to
facilitate the transition towards circular and green economies to leverage the two countries’
collective capabilities and resources to achieve these transitions.

The meeting also discussed fostering bilateral cooperation in cutting-edge technology and
innovation applied in the development of airport infrastructure, apart from initiatives and strategies
for fostering the growth of industrial clusters, which serve as catalysts for economic growth and
sustainable development.

Bin Touq’s meeting with Dr. Rania Al Mashat examined ways to strengthen economic relations in
areas of shared interest. It explored potential financing options to facilitate the development of new
joint projects, taking the development visions of both countries into consideration.

The two sides deliberated on sharing expertise in international collaboration and development
funding to foster joint initiatives that create new growth opportunities and strengthen
communication channels between the UAE and Egypt’s business communities. The UAE is the top
Arab investor in Egypt and the third largest globally.
Bin Touq elaborated on the fundamental pillars of the ‘We the UAE 2031’ vision, which aims to
position the country as a global hub for the new economy by the next decade. It aligns with the
forward-thinking vision of the country’s wise leadership and is supported by an array of policies and
legislative amendments adopted by the UAE government. These include the development of a
robust economic legislative framework, the launch of pioneering initiatives and programmes to
attract FDI, as well as the establishment of a comprehensive legislative system to protect
intellectual property. Furthermore, an ambitious strategy has been implemented to attract talent
across key sectors, thereby bolstering the country's standing as a prominent hub for creativity and
innovation.

The Minister of Economy invited the two Egyptian ministers to attend the fourth edition of
Investopia, scheduled to take place in February 2025. The event will serve as a key platform to
explore promising opportunities that the UAE offers to global investors.

https://www.wam.ae/en/article/143why3-uae-egypt-strengthen-economic-ties-key-sectors