H.E. Bin Touq meets with Egyptian Minister of Planning to explore partnership prospects in emerging economic sectors

H.E. Bin Touq: The meeting marks a key milestone in enhancing economic cooperation between the two nations

H.E. Abdulla Bin Touq Al Marri, Minister of Economy, held a meeting with H.E. Dr. Hala Helmy Al Said, Egyptian Minister of Planning and Economic Development, to discuss prospects for strengthening the UAE-Egypt economic partnership. The two ministers explored partnership opportunities in key sectors of mutual interest, with particular emphasis on the new economy, technology, SMEs, agriculture, and industry. The meeting took place on the sidelines of the UAE delegation's participation in the 113th session of the Arab Economic and Social Council that was held recently.

H.E. Bin Touq emphasized the longstanding and deep-rooted relations between the UAE and Egypt, which continue to grow thanks to the support and directives of both leaderships, contributing to both economies’ sustainable development.

H.E. said: “Our meeting with the Egyptian side is a key milestone in broadening and diversifying the scope of economic cooperation between the two countries by expanding it to include new sectors. As we move forward, the aim is to strengthen existing partnerships and forge new ones. The UAE holds the top position globally in terms of the number of companies operating in Egypt. Nearly 1,250 Emirati companies operate in Egypt today with a total capital investment of $17 billion.”

The Egyptian Minister expressed her pleasure in meeting with H.E. Bin Touq and in exchanging views on cooperation and collaborative projects between the two countries that enjoy a long-standing relationship in various political, economic, and cultural aspects, serving as a remarkable example of Arab-Arab relations. She highlighted that the Egyptian government is committed to enhancing this strategic partnership and maximizing the potential for cooperation, particularly in the areas of economy and development.

Furthermore, H.E. highlighted the partnership between the Egyptian Ministry of Planning and Economic Development and the UAE in enhancing institutional performance, government services, innovation, excellence, and digital transformation. This partnership aims to improve the effectiveness of state institutions in delivering services and implementing diverse development initiatives.

The two parties discussed improving the prospects for shared economic relations and fostering communication channels between the UAE and Egyptian private sectors to create new growth avenues for businesses, particularly considering the abundance of diverse economic opportunities in both markets. In addition, there is an opportunity to offer more facilities and incentives to exporters and importers in order to enhance their contributions to the economic growth and sustainability of both nations.

The meeting saw the exchange of expertise on the development of flexible economic strategies to drive forward sustainable economic development. In this context, H.E. Bin Touq elaborated on the comprehensive development of the UAE's economic legislation and its role in strengthening the competitiveness of the business environment and establishing its regional and global leadership. This includes the issuance and development of new legislation in areas such as cooperatives, commercial transactions, the commercial registry, and family businesses. The aim is to allow 100 per cent full foreign ownership of companies, streamline procedures for establishing business operations, and foster global openness through strategic partnerships with targeted international markets. Furthermore, H.E. Bin Touq highlighted the promising investment opportunities in the UAE across various sectors such as tourism, family businesses, e-commerce, manufacturing, sustainable transport, and technology.