Total Emirati investments in Egypt surged 169.1% year-on-year (YoY) to $1.9 billion during the first half (H1) of the fiscal year (FY) 2021/2022, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS) published on August 22nd.
The trade exchange between Egypt and the UAE inched up to $1.2 billion during the first quarter (Q1) of 2022 from $1.1 billion during the same period in 2021.
Egypt’s imports from the UAE declined by 19% YoY to $642.9 million in Q1 2022, while Egypt’s exports to the GCC country soared 69.5% YoY to $576.7 million in the same period.
Top Egyptian exports to the UAE were pearls and gems; machines and appliances; fruits; and clothes, while key Egyptian imports from the country comprised plastics; pearls and gems; fuel, oil; iron; and steel.
Remittances from Egyptians working in the UAE edged higher 1.4% YoY to $3.5 billion in FY 2020/2021.
On August 21st, Egyptian President Abdel Fattah El-Sisi welcomed President of the UAE Mohamed bin Zayed bin Sultan Al Nahyan at El Alamein International Airport. The two presidents discussed bilateral cooperation.
Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).