The UAE more than doubled its investments in Egypt during the first half of the 2021-2022 fiscal year, after a series of government-backed initiatives and forays by private companies.
The value of Emirati investments in Egypt, the Arab world's third-largest economy, rose to $1.9 billion in the first six months of the fiscal year, up by about 169 per cent from $712.6m in the same period a year ago, Egypt's Central Agency for Public Mobilisation and Statistics said in a statement on its website.
The value of trade between the two countries increased 1.4 per cent year-on-year to $1.2bn during the first quarter of 2022, the government agency said.
On Sunday, UAE President Sheikh Mohamed held talks with Egyptian President Abdel Fattah El Sisi during a visit to the country where they discussed bilateral co-operation and opportunities to grow the strategic partnership between the two countries, especially in the economic and development fields.
The UAE has been boosting its investments in Egypt, a market of more than 103 million people, through a series of deals spanning sectors from ports to energy.
The UAE and Egypt already share a historically strong economic relationship. The 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 $809bn.
In December 2021, Abu Dhabi’s holding company ADQ opened a new office in Cairo as it seeks to increase its investment in the country.
It aims to accelerate Egypt’s economic development through joint strategic investment projects, specialised funds and investment tools in key sectors such as health care and pharmaceuticals, utilities, food and agriculture, real estate and financial services, ADQ said at the time.
Top Egyptian exports to the UAE in the first quarter of 2022 included natural pearls and precious stones ($351.6m), machinery, electronic devices and parts ($64.1m), fruits ($29.4m), clothes ($24.9m), and vegetables and plants ($19.7m), Egypt's statistics agency has said.
The UAE's top exports to Egypt during the period included plastics and by-products ($144.9m), natural pearls and precious stones ($77.5m), fuels, mineral oils and their distillates ($67.6m), iron and steel ($53.4m), and seafood ($45.7m).
The remittances of Egyptians working in the UAE reached $3.5bn in the first half of the fiscal year, up from $3.4bn in the same period a year earlier, according to Egypt's official data.
The number of Egyptians living in the UAE reached 950,000 by the end of 2020, the government agency said.
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
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Fuel economy, combined: 5.8L / 100km
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills