The UAE International Investors Council (UAEIIC) plans to double the country’s investments in Egypt to USD 14 bn (EGP 225.67 bn) over the next five years, Invest-Gate reports.

Emarati investments in Egypt reached USD 7.2 bn (EGP 116.06 bn) in 2019, through 1,165 UAE companies operating in various fields such as real estate, tourism, entertainment, information technology (IT), and others, Secretary-General of the UAEIIC Jamal Saif Al Jarwan said during the opening remarks of the Emirates-Egypt Forum for Trade and Investment, held in the New Administrative Capital (NAC) on December 11.

“Given the market’s absorptive capacity for massive UAE investments, Egypt is now deemed as the world’s key investment spot, particularly for Arabs,” Al Jarwan noted. He also called Emirati investors to seek investment grabs in the local market, especially at the new capital, considering the state’s new incentives to boost foreign inflows into the North African country, according to a recent ministerial statement.

This comes after several Emirati companies earlier announced pumping USD 2.5 bn (EGP 40.3 bn) in Egypt, including Lulu Group’s USD 500 mn (EGP 8.06 bn) planned investments in the Egyptian retail sector, UAE Undersecretary for Foreign Trade Affairs Abdulla Alsaleh said during the forum, which the largest of its kind between both parties.

Furthermore, Alsaleh revealed that Majid Al Futtaim aims to invest an additional USD 1 bn (EGP 16.12 bn) in the domestic market, but did not specify a timeline.

The event saw the attendance of numerous ministers and officials, notably Minister of Investment and International Cooperation Sahar Nasr, Minister of Trade and Industry Amr Nassar, and more than 259 businessmen and investors from both countries.