Tariq bin Faisal receives Head of Egyptian Investment Authority

During their discussions, Al Qassimi lauded the Egyptian government's strategy for attracting investors, saying, "The flow of UAE funds into Egypt, despite the opportunities available elsewhere in the world, indicates that the Egyptian government has taken the correct steps and built a sound investment environment.

"Recent figures reflected in government and non-government analyses and reports clearly show that Egypt is on the right track," he added.

The two parties discussed investment opportunities and methods for developing such business ties - a major step towards increased trade and investment flow between the two countries.

Mr. Rajab said, "Our main objective now is to build the best possible investment environment in the country, and the increase of foreign inflows into Egypt year upon year is a very positive indicator that reflects the success of our strategy."

According to figures supplied by the Egyptian Central Bank, current investment in Egypt amounts to $2058m, and the UAE leads the pack at around $2013m. Other Arab Gulf countries account for $45m, with Saudi Arabia being the second biggest Gulf investor in Egypt ($35m).

The meeting was also attended by the Egyptian Consul to the UAE, Mr. Ibrahim Hafiz, the head of Egypt's Freezone Authority, Mr. Adil Masoud, and engineers Tariq Hashim and Effat Abdel Azeem.