UAE Investments in Egypt Surge to USD 2.1 Billion in H1 of 2024
Multiple facets of Egypt-UAE financial relations have increased in value since last year, according to data from CAPMAS.
Investments in Egypt by the UAE have surged to USD 2.1 billion in the first half of the 2023/2024 fiscal year, up from USD 1.5 billion in the first half of 2022/2023. This denotes a 41.1% increase in UAE investments to Egypt, as per data released by the Central Agency for Public Mobilisation and Statistics (CAPMAS).
The data shows that the bilateral trade between Egypt and the UAE has reached a record-breaking USD 1 billion in the first quarter of 2024 alone, in comparison to USD 901.6 million in Q1 of 2023, demarcating a 12.5% increase.
Egyptian exports to the UAE have also seen an increase, albeit a much less dramatic growth of 0.3%, totalling USD 308.1 million in Q1 of this year, as opposed to USD 379 million last year.
Imports from the UAE, however, have surged. The first quarter of 2024 has seen USD 634.5 million worth of trade, up from USD 522.7 million the year before, thus marking a 21.4% increase.
The most valuable exports from Egypt to the UAE during Q1 of 2024 were drawn from five main categories: pearls, gemstones and jewellery at a value of USD 87.2 million, machinery and electrical parts at a value of USD 58.3 million, fruit and vegetables valued at USD 45 million and USD 21.6 million respectively, and clothes valued at USD 23 million.
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