Dubai-Egypt trade spikes in first quarter
Dubai's trade with the Arab Republic of Egypt recorded a significant growth of 36 per cent during the first quarter of 2012, reaching AED 2ر2 billion /LE 5ر3 billion/, compared to AED 6ر1 billion /LE 6ر2 billion/ in the first quarter of 2011. According to the latest statistics released by Dubai Customs on Dubai's foreign trade during the first quarter of this year, the value of Dubai's total imports from Egypt during the period from January to March of this year reached AED 540 million, compared to AED 484 million during the same period in 2011, while Dubai's exports to Egypt reached AED 512 million compared to AED 308 million in the first quarter of 2011. Re-exports from Dubai to Egypt reached AED 2ر1 billion, compared to AED 795 million in the first quarter of 2011. In 2011, Dubai's trade with Egypt reached AED 4ر8 billion /LE 7ر13 billion/, compared to AED 2ر7 billion /LE 7ر11 billion/ in 2010, growing 16 per cent, with AED 2 billion worth of imports from Egypt, AED 2 billion worth of exports to Egypt, and AED 3ر4 billion worth of re-exports.
This growth is a result of the special political and commercial relations that the UAE shares with Egypt, and the interest of both countries in promoting joint Arab action, and their efforts to achieve Arab economic integration.
The mutual investments in both countries are seeing strong growth, with the total UAE investments in Egypt reaching AED 4ر18 billion /LE 30 billion/. These are long-term strategic investments designed to support the Egyptian economy and include agriculture, industry, real estate and tourism sectors, and are expected to witness further growth in the coming period.