The UAE aims to strengthen its collaboration with Egypt in the maritime sector and will focus on boosting joint investment in areas including the development of ports and logistics services through research and artificial intelligence, officials said on Thursday.
Officials from the UAE's Ministry of Energy and Infrastructure and Egypt’s Ministry of Transport met and discussed the developments on the sidelines of the General Assembly of the Arab Academy for Science, Technology and Maritime Transport in Cairo.
The UAE is looking to strengthen bilateral co-operation in all key areas, especially the maritime sector to "encourage joint investments and develop existing investments", said Hassan Al Mansouri, Undersecretary for Infrastructure and Transport Affairs at the UAE Ministry of Energy and Infrastructure.
The UAE and Egypt already share a strong economic relationship.
The two countries, along with Jordan and Bahrain, signed the Industrial Partnership for Sustainable Economic Development this year to boost sustainable industrial growth and explore opportunities for joint investment in priority sectors. The industrial partnership is expected to boost the gross domestic product of the member countries by $809 billion.
On the maritime and logistics front, UAE’s AD Ports is also seeking to increase its investment in Egypt. This month, it announced plans to acquire a 70 per cent stake in Egypt's International Associated Cargo Carrier for Dh514 million ($140m) to expand its footprint in the North African country.
It also signed an agreement with the Egyptian Group for Multipurpose Terminals in November last year to develop and operate a multipurpose terminal at Safaga Port on the Red Sea.
“There are investment opportunities in maritime transport in all Egyptian ports, including Sokhna, Alexandria and Sharm El Sheikh,” the UAE Ministry of Energy and Infrastructure said.
Egypt's Ministry of Transport is also implementing a comprehensive plan to upgrade and develop the maritime transport system including developing Egypt’s ports to transform the country into a centre for global trade and logistics.