UAE and Egypt... Strategic partnership, firmed principles, and a comprehensive development renaissance30 Jun 2021
UAE and Egypt... Strategic partnership, firmed principles, and a comprehensive development renaissance
H.E. Marwan bin Jassim Al Sarkal
Executive Chairman, Sharjah Investment and Development Authority (Shurooq)
The UAE and Egypt are bonded by culture and the rich Islamic heritage, with a shared goal to engage with the world. The traditionally harmonious relationship between our nations was further cemented in 2013, and has grown steadily over the years.
On the economic front, bilateral relations have matured and strengthened across a wide array of sectors, as we continue to explore new areas of collaboration. Non-oil trade between the UAE and Egypt stood at US$3.4 billion in the first half of 2020, and the UAE is Egypt’s second leading trading partner in the Arab region. Emirati foreign direct investments (FDIs) in Egypt have reached nearly US$15 billion, while Egyptian investments here have surpassed US$1 billion.
Here in Sharjah, Egypt-based businesses can enjoy innumerable competitive advantages. A gateway to the wider region, Sharjah is the only destination in the UAE that boasts ports on both Arabian Gulf and Indian Ocean. Low operating costs, 24-hour business licensing procedures, six specialised free zones that offer 100 percent foreign ownership and profit repatriation, and access to a pool of human capital and a world-class infrastructure are a few reasons why Sharjah continues to boost its appeal as a commercial haven to businesses and investors.
Currently, Sharjah is home to 2,165 Egyptian companies who are benefitting from Sharjah’s diversified economy to attain sustainable and profitable growth in healthcare & wellbeing, medical supplies, agriculture, greentech and renewable energy, which continue to be among the strongest and most powerful investment sectors for Egyptian businesses in Sharjah.
As a strategic, investor-friendly base, Sharjah offers the perfect platform to Egyptian individuals and entities looking to enter a high-growth market in this region.