U.A.E. INVESTMENTS IN EGYPT HIT 4.9 BILLION USD

The United Arab Emirates (UAE) investments in Egypt, are estimated at 4.9 billion U.S. dollars, UAE Ambassador in Cairo, Gomaa Mubarak al-Ganebi, said.

The UAE ranked first, on the list of top Arab investors in Egypt, al-Ganebi said, during his inauguration, of a factory of the Egyptian Company for Production of Vaccines “EGYVAC.”

He said, the factory is one of the vital projects, set up in Egypt, as it is the largest manufacturer of vaccines and sera, in Africa and the Middle East.

The UAE, one of the Arabs’ main allies for Egypt, has pumped large funds in the country, either in the form of aid or investments, since the ouster of the Islamist president, Mohamed Morsi, in 2013.

The volume of trade exchange between Egypt and the UAE reached about 3.45 billion dollars in 2016, compared to 2.6 billion dollars in 2015.

The number of UAE companies operating in Egypt reached 877, against 819 in 2016, he added

Source: NAM News Network