Egypt strengthens ties with the UAE for upcoming investments, both Egyptian Minister Housing, Utilities, and Urban Communities Mostafa Madbouly, and UAE Ambassador Gomaa Mubarak confirmed, Invest-Gate reported.

“Investors from UAE are expected to increase their investments in Egypt the upcoming period and support the country’s economy,” UAE Ambassador Gomaa Mubarak said.

Madbouly has asserted that Egypt, following the Egyptian pound floatation, is currently working on issuing several laws, including the new investment law to encourage a safe climate to allow the UAE among other countries to expand their investments in the country.

Both parties stressed on the ties both countries share and that will continue to grow over time as the ambassador confirmed, “Egypt is vital to all Gulf countries.”