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UAE-Egyptian relations witness significant growth

posted on 15/07/2006: 724 views

The fraternal visit by President H.H. Sheikh Khalifa bin Zayed Al Nahyan to Egypt on invitation by President Mohammed Hosni Mubarak, comes within the context of the fraternal bonds between the two countries.

The visit also emphasises the two leaders' keenness to consolidate fraternal ties in all spheres, to strengthen Arab solidarity and to progress with efforts aimed at the welfare and benefit of both Arab and Islamic nations.

Relations between the two countries have witnessed a remarkable progress that helped solidify mutual cooperation in many fields. Lately, a number of cooperation agreements were signed in the economic, commercial, media, cultural, educational, youth, satellite, manpower and sea, air and land transport.

Most notable accords signed between UAE and Egypt include agreements on economic and technical cooperation, trade exchange, investment incentives, avoidance of double taxation, as well as formation of the UAE-Egypt Business Council in 1993.

In January 1989, a joint committee was established to oversee economic and commercial cooperation programmes. The committee is also mandated to spur investments and to facilitate joint ventures in the fields of industry, energy, power, fisheries, animal resources, transport, communications, pharmaceuticals, oil and gas and research.

In March 2006, bourses of the two countries signed three Memoranda of Understanding to further facilitate information exchange and to protect securities markets investments.

Earlier in 2000, the two countries signed an MoU to strengthen cooperation in economic and commercial fields, information technology, customs and fairs and exhibitions. Trade between the two countries witnessed a significant growth during the past five years.

According to the Economy Ministry's statistics, non-oil two way trade soared from Dh768 million in 2001 to over 2.4 billion in 2005.

UAE's imports from Egypt rose from Dh347 million in 2001 to Dh885 million in 2005. Its exports also went up from Dh59 million to Dh301 million within the same period. Re-exports to Egypt via UAE also increased from Dh362 million to Dh1.2 billion. UAE's exports to Egypt include metals and foodstuff. It imports agricultural products, textiles, chemical industries feedstock.

Major re-export items include transport equipment, plastic products, rubber, appliances, arts pieces and antiquities. The progressive relations between the two countries led to increasing joint ventures, making UAE the third largest investor from the Gulf.

The UAE is currently involved in financing over 100 developments there, including a mega project to reclaim lands in Al Nobariyah, East Suez and the Sheikh Zayed canal in Sinai.

In September 2003, the Sheikh Zayed Hospital and enclave were opened in Cairo. They were set up through a grant administered by the Abu Dhabi Development Fund which is now funding a number of infrastructure, industrial and tourism developments in Egypt. (Emirates News Agency, WAM)


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