Egypt has the potential to transform into commercial, production hub

UAE Ambassador to Egypt Mariam Khalifa AlKaabi said Egypt has the potential to transform into a commercial and production hub to cover the needs of the European and African markets. lkaabi made the statement during a meeting with the Minister of Finance, Ahmed Kouchouk, at the new administrative capital. She also boosted the special relations between the two countries, stating that such potential will drive the UAE to implement new projects using diverse financing tools. 'We are currently working on initializing a more attractive business environment for private sector investments,' stated Kouchouk. He also noted that the government is eager to strengthen cooperation between the two sides, saying, "We are open to any collaboration that will open up promising horizons for investment in Egypt with the Emirati side." Furthermore, he stated that the government looks forward to developing Emirati investments in different sectors in Egypt, noting that the UAE has become Egypt's largest investment partner in re cent years. Egypt and the UAE recently signed a $35 billion Foreign Direct Investment (FDI) deal -- the largest in Egypt's history to develop Ras El-Hekma on the North Coast. Source: State Information Service Egypt