UAE Minister of Economy Abdullah bin Touq unveiled a $20 billion deal linking Egypt’s sovereign wealth fund and Abu Dhabi’s ADQ in various sectors, particularly food security and sustainability, over the next 10 years.
He added that DP World of Dubai Ports was pumping $30 billion in investment into Ain Sokhna Port, in addition to exploring acquisition opportunities.
In his speech at the 50th anniversary of Egyptian-Emirati relations on Wednesday, he added that the company is exploring investment opportunities to develop Egyptian ports.
Egypt has made a leap in legislative changes to make Egypt’s investment environment more attractive to investors.
He added that Egypt is a quick gateway to Africa for the UAE, coinciding with the signing of free trade agreements.
The UAE finance minister said relations between Egypt and the UAE are historic, with the emirate investing in Egypt at an estimated $27 billion and investors seeing Egypt as a gateway to Africa. There are 1,300 Emirati companies in Egypt in the fields of industry, agriculture and construction.
He stated that there were meetings between Egypt and the UAE to create an investment climate, commercial transactions, economic law, create job opportunities and promote different sectors. He pointed out that there are 700,000 young Egyptians working in the UAE.