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UAE’s investments in Egypt see a major uptick in first half of 2022
The value of trade exchange between the two countries clocked at $1.2 billion, an increase of 1.4%
The UAE investment in Egypt has swelled to $1.9 billion in the first half of 2022. The Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS) says this is an increase of 169.1% year on year, compared to the investment in 2021.
The report states that the value of trade between the two countries saw an uptick during the same period. It increased from $1.1 billion to $1.2 billion – an increase of 1.4% in the trade exchanges.
The Egyptian statistics agency highlighted that the value of remittances from the Egyptians working in the UAE saw a similar increase. These remittances stood at $3.5 billion during the 2020-2021 fiscal year, compared to $3.4 billion during the same period in 2019-2020.
Another report from the Central Bank of Egypt reveals that with $6.35 billion in investment, Arab countries are among the largest investors in Egypt. It states that the UAE is the biggest investor in Egypt, followed by Kuwait, with an investment of $168 million in the third quarter of the fiscal year.
The report places Qatar with a $140 million investment in the same period in third place, and Bahrain, with $121 million worth of investment, in fourth place.
Saudi Arabia, which has set up a new agency to invest in Egypt, had invested $108 million during the third quarter of the fiscal year and was placed fifth on the list.
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