Emirati-Egyptian joint projects estimated at EP7 billion
The Egyptian Commercial Attaché to the UAE, Mamduh Mustafa, has recently announced a rise in the number of joint investment projects in Egypt over last year. According to Al-Bayan, 90 Egyptian-Emirati investment projects were signed in 2001, a 15 percent rise from the previous year, when only 78 joint initiatives had been concluded.
Mustafa estimated the total of seven billion Egyptian pounds ($1.64 billion) in capital have been invested in these joint projects, 25 percent of which was contributed by the Emirati partners. The Egyptian official also noted that the United Arab Emirates (UAE) is Egypt’s third largest Arab investor.
Several Egyptian trade fairs are to open in coming months throughout the UAE. The Emirate of Abu Dhabi will host the 6th Egyptian Products Exhibition at the end of October. The Emirate of Sharjah will host the 3rd Egyptian Products Exhibition at the beginning of 2002. The Emirate of Ras Al-Khaima will host the 2nd Egyptian Products Fair at October 2002.
Egyptian exports to the Emirates have nearly doubled in the first quarter of the year 2001, as compared to the corresponding period the previous year. According to Al-Bayan, the value of Egyptian exports headed towards the UAE reached to EP 46 million in the first quarter of 2001, up from EP 28 million in the first quarter of 2000. — (Mena Report)
© 2001 Mena Report (www.menareport.com)