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The UAE’s investments in Egypt plunged during 2024-2025 after record flow in the previous year with the signing of the multi-billion-dollar Ras Al-Hekma deal.
The investments in Egypt soared to their highest ever level of around $39 billion during 2023-2024 fiscal year before sliding to $4.7 billion during 2024-2025, the Central Agency for Public Mobilisation and Statistics (CAPMAS) said in a report this week.
The surge in 2023-2024 followed the signing of a landmark deal between Abu Dhabi-based ADQ and Cairo for an investment of at least $35 billion to develop the Northern Egyptian coastal area of Ras Al-Hekma.
The report showed nearly 1.3 million Egyptians live in the UAE, remitting home $3.6 billion during 2024-2025 fiscal year, which ended on June 30.
The UAE’s imports from Egypt climbed to an all time high of around $7 billion last year from around $3.3 billion in 2024, the report said.
The UAE’s exports to Egypt remained unchanged at around $2.7 billion and included mainly jewelry, copper, petrol and other light products.
(Writing by N Saeed; Editing by Anoop Menon)
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