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UAE pumps billions into Egypt

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Data from the Egyptian Central Agency for Public Mobilization and Statistics showed the recent development of Emirati investment.

Emirates investment made a big jump and amounted to about $5.7 billion in fiscal year 2021/2022, up from $1.4 billion in 2020/2021, i.e. by 300.8%.

According to the Statistics Office, the total value of remittances of Egyptians working in the UAE is estimated at around US$3.5 billion in fiscal year 2020/2021, up from US$3.4 billion in fiscal year 2019/2020, an increase of 1. 4%, while the cost of Emirates remittances operating in Egypt was $39.1M in FY2020/2021 compared to $41M in FY2019/2020, down 4.6%.

Overall, data from the statistical agency showed an increase in the value of trade exchanges between Egypt and the UAE, reaching $4.6 billion in the first 11 months of 2022 compared to $4.3 billion in the same period in 2021, up 6.5%. .

The trade exchange between Egyptian exports to the UAE in the first 11 months of 2022 spread over $1.8 billion compared to $1.4 billion in the same period in 2021 with a growth of 14.4%, while the value of Egyptian imports from The UAE was about $2.8 billion in 11M 2022 compared to $2.7 billion in the same period in 2021, up 1.9%.

Source: RT

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