Page 466 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/17/24, 4:27 PM Latest News
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 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

https://www.arabbnews.com/english/Latest-News.asp?id=17623 2/3