Trade exchange between Egypt and the United Arab Emirates (UAE) reached $3 billion during the first months of 2021 against $3. 8 billion in 2020, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS).
The value of Egyptian imports from the UAE increased to $430 million during the first two months of 2022, compared to $406.5 million during the same period in 2021, marking an increase of 5.8 per cent.
The value of Emirati investments in Egypt amounted to $448.6 million during the first quarter of the 2021-2022 fiscal year (FY), compared to $353.6 million during the same period in FY 2020-2021 — an increase of 26.9 per cent.
The UAE is the second Arab trading partner and the ninth globally for Egypt, after the non-oil trade exchange between the two countries quadrupled during the years 2010-2019.
The value of remittances from Egyptians working in the UAE amounted to $3.4 billion during FY 2019-2020, compared to $3.1 billion during the fiscal year 2018/19, an increase of 9.5 per cent.
Remittances from Emiratis working in Egypt amounted to $41 million during FY 2019-2020 compared to $45.5 million in FY 2018-2019, a decrease of 9.9 per cent.
Emirate investments in Egypt reached $15 billion, while Egypt’s investments in UAE are worth $1 billion.
The Emirati investments were up to $ 1.8 billion during FY 2019-2020 against $ 972.2 billion within FY 2018-2019.
The Emirati Ministry of Economy and Egypt’s Ministry of Industry and Trade have recently announced the launch of the Egyptian Emirati Business Council (EEBC).
The council is aimed to develop partnership between Emirati and Egyptian business communities.
Besides, the EEBC seeks to maximise the added value of mutual investments and provide businessmen and investors with information and services.
The council aims to enhance communication with the government bodies in both countries to facilitate business and increase trade exchange.
Egypt-Jordan ties
Egypt is working hard to expand trade and investment co-operation with Jordan.
Trade exchange between the two countries reached $812 billion during the first 11 months of 2021, of which 73 per cent are Egyptian exports, according to the Ministry of Trade and Industry.
Egypt imports from Jordan pharmaceuticals, cement and olive oil, whereas Egyptian exports to Jordan are natural gas, dairy products, processed foods, furniture, steel, iron and vegetables.
On October 5, 2018, Egypt and Jordan signed a deal to export Egyptian gas to the National Electric Power Company (NEPCO) in Jordan from el-Arish to Aqaba. It is equivalent to about 250 million cubic feet of gas daily and 2.6 billion cubic feet annually.
There are mutual regional and bilateral trade relations between both countries, mainly the Greater Arab Free Trade Area (GAFTA) and Agadir Agreement.
Jordanian investments in Egypt hit $41 million during the first half of FY 2020-2021 against $ 7 million in FY 2019-2020, according to CAPMAS.
Remittances of Egyptians working in Jordan reached $678.5 million during FY 2019-2020 compared to $654.2 million in FY 2018-2019.
In return, remittances of Jordanians who work in Egypt amounted to $11.1 million over FY 2019-2020 against $ 17.7 million in FY 2018-2019.
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