Economy Egypt’s private sector alliance targets UAE for growth By Pramod Kumar March 6, 2025, 12:38 PM Pexels/Tiger Lily The new commercial alliance aims to increase exports from Egypt to the UAE and other Gulf states A new entity comprising 41 Egyptian private companies will be set up to boost exports across the Arab countries to support economic growth, a news report said. The process of setting up Arab Alliance for Industrial Investment is expected to be completed next week, Ashraq Business reported, citing Mohamed El-Bahi, a board member of the Federation of Egyptian Industries. The new company will work on increasing Egyptian exports to Arab countries, with offices in Libya, Iraq and the UAE. The entity will provide services to investors and engage in promotion, construction and dealing with government agencies, the report said. Cairo expects foreign exchange inflows to reach $145 billion by 2030 amid a 60 percent, or $7 billion, decline year on year in Suez Canal revenue for 2024. Consultancy firm BMI estimates that the Suez Canal provides around 10 percent of Egypt’s current account income. Egypt’s net foreign assets jump in January Billionaire calls for review of Egyptian mega-projects Expat remittances to Egypt up by a half to $30bn in 2024 Last month Egypt’s central bank data showed that foreign direct investments from Arab countries totalled $39.5 billion in the final quarter of the fiscal year 2023-24, led by the UAE. Economic growth in Egypt, the third-largest Arab economy, is expected to accelerate this year, driven by expansion in several sectors, including transport, financial services and housing, according to the London-based European Bank for Reconstruction and Development. In February 2024 Abu Dhabi sovereign wealth fund ADQ unveiled plans to invest $35 billion to build the “largest new city” in Egypt to drive economic growth.
