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FINANCIAL NEWS
UAE invests $10b in Egypt by July-end
16 Dec 2010
(MENAFN) The UAE’s Minister of Economy, Sultan Bin Saeed Al Mansouri, said that the country’s investments in Egypt have reached $10 billion in 520 projects, Gulf News reported.
The mentioned investments include projects in industry, construction, urban development, housing, infrastructure, financing projects, communications, as well as agricultural and tourist development projects, stated Al Mansouri.
According to the Minister, Egyptian exports to the UAE, which include copper cables, fresh and dried oranges, crystal, furniture, tobacco and potatoes, hit $351 million by July-end, whereas the country’s imports from the UAE reached $415 million and comprised diesel, fuel oil, polyethylene, pharmaceuticals, plastic sheets, carpets and polymers.
By July-end of the current year, total trade between both countries amounted to $766 million, and Al Mansouri has signed a memorandum of understanding (MoU) with the Egyptian Prime Minister, Dr Ahmad Nazif, to enhance cooperation in industry and agricultural development, energy, infrastructure and urban expansion, between both countries.
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