Page 473 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

markets. The economic relations between the UAE and Egypt are also continuously evolving
across different sectors," he said.

The Minister emphasised that the recently signed partnership agreement for the Ras Al Hikma
development project marks a significant milestone in their economic ties. This project represents
the largest foreign direct investment (FDI) in Egypt's history. The UAE is committed to fostering
joint efforts with Egyptian partners to enhance economic cooperation and establish new projects
aligned with both nations' future visions.

During his meeting with Al Wazir, Bin Touq explored ways to strengthen collaboration on
infrastructure projects. They discussed logistics centres and industrial sectors in both countries.
The ministers exchanged insights on policies and strategies to transition towards circular and
green economies, leveraging collective capabilities to achieve these goals.

The dialogue also covered fostering bilateral cooperation in advanced technology and
innovation for airport infrastructure development. Additionally, they discussed initiatives for
growing industrial clusters that drive economic growth and sustainable development.

Economic Vision for 2031

Bin Touq elaborated on the ‘We the UAE 2031’ vision during his discussions. This vision aims to
position the UAE as a global hub for the new economy by 2031. It aligns with the forward-
thinking vision of the country’s leadership and is supported by various policies and legislative
amendments adopted by the UAE government.

The strategy includes developing a robust economic legislative framework, launching initiatives
to attract FDI, establishing a comprehensive system to protect intellectual property, and
attracting talent across key sectors. These measures aim to bolster the country's standing as a
hub for creativity and innovation.

Future Opportunities

Bin Touq invited both Egyptian ministers to attend Investopia's fourth edition scheduled for
February 2025. This event will serve as a platform to explore promising opportunities that the
UAE offers global investors.

In his meeting with Dr. Rania Al Mashat, Bin Touq examined ways to strengthen economic
relations in shared interest areas. They explored potential financing options for new joint
projects considering both countries' development visions.

The two sides deliberated on sharing expertise in international collaboration and development
funding to foster joint initiatives creating new growth opportunities. They also discussed
strengthening communication channels between business communities in both nations.
The UAE is currently Egypt's top Arab investor and ranks third globally in terms of investment
volume. This underscores their deep fraternal bonds characterised by flourishing cooperation
across diverse sectors.

https://www.onearabia.me/business/uae-egypt-strengthen-economic-ties-across-key-sectors-
011-65661.html