Page 460 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/17/24, 4:26 PM UAE and Egypt explore development of economic partnership in new economy, transportation, entrepreneurship, circular economy, …
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 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.

H.E. Bin Touq 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.

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