Page 452 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/17/24, 4:03 PM UAE and Egypt explore development of economic partnership in new economy, transportation, entrepreneurship, circular economy, …
The meeting took place on the sidelines of H.E. Bin Touq’s participation in the 114th session of the Arab
Economic and Social Council. The council meeting, held at the headquarters of the General Secretariat
of the League of Arab States in Cairo, was chaired by the UAE.

The Minister of Economy highlighted the robust strategic relations and deep fraternal bonds between the

UAE and Egypt, characterized by flourishing cooperation and partnerships in diverse sectors.

H.E. 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.”
H.E. 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.

H.E. Bin Touq’s meeting with H.E. Eng. Kamel 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 in order 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.

H.E. Bin Touq’s meeting with H.E. 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 opportunities for growth 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.

H.E. 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 programs to attract FDI, as well as the
establishment of a comprehensive legislative system to protect intellectual property. Furthermore, an

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