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UAE second largest investor in Egypt

Total value of investments in the North African country by Gulf countries recorded $1.346bn at end of March 2015

The United Arab Emirates is the second largest investor in Egypt with investments totalling $5.84 billion, according to official Egyptian statistics.

The number of UAE companies which have businesses and investments in the North African Arab nation stood at 717 firms by the end of April this year, according to figures released by the Egyptian General Authority for Investment.

Bilateral trade exchange between Egypt and the UAE in 2014 showed an unprecedented increase of 35.9 per cent in Egyptian exports to UAE equalling $827.1 million, compared with $608.5m in 2013, up by $218.6m.

In total, the two-way trade exchange between the two countries surged by 17.1 per cent in 2014 compared with the figure reported in 2013, the data published by Al-Ittihad daily shows.

The statistics were issued on the occasion of the opening of an Egyptian trade representation office in the emirate of Dubai.

Ambassador Sharif Badawi, Consul-General of the Arab Republic of Egypt in Dubai, says the office aims to support trade relations between Egypt and the United Arab Emirates, encourage the flow of UAE investments to Egypt and overcome any obstacles facing investors.

A recent report by Egypt’s Central Bank revealed that the total value of investments by Gulf countries in Egypt recorded $1.346bn at the end of March 2015 against $310m at the end of 2014, marking a $1.036bn increase.

($! = AED3.67, at the time of publishing)