Egypt keen to develop economic, investment cooperation with UAE: Egyptian Minister of Finance

Dr. Mohamed Maait, Minister of Finance of Egypt, reaffirmed the Egyptian government's keenness to continue developing cooperation ties with the UAE, especially in the fields of taxation, economy, finance, and investment.

In statements to the Emirates News Agency (WAM) on the sidelines of the 8th Annual Arab Fiscal Forum held as part of the Pre-summit day of the World Governments Summit 2024 in Dubai, Dr. Maait said that Egypt issued debt instruments in 3 tranches during the past two months of November and December worth US$1.5 billion.

Dr. Maait explained that the Egyptian government is still studying the issuance of bonds in the Gulf markets as part of the Ministry of Finance's plans to diversify sources and tools of financing, currencies, and issuance markets, and to expand the base and segments of international investors.

He added that the Egyptian Ministry of Finance participates annually in the World Governments Summit and the Arab Fiscal Forum, which is organised by the Arab Monetary Fund (AMF) and the International Monetary Fund (IMF), to shed light on public finance issues in the macroeconomics and economic indicators, in addition to discussing topics of common interest in the fields of taxation, public sector improvement, and climate finance.

Dr. Maait noted to the efforts of Egypt and the UAE in expanding the frameworks of cooperation and providing new opportunities for joint projects between the two sides, adding that the frameworks of cooperation are witnessing continuous growth in terms of government coordination, exchange of experiences, and strengthening partnerships at the level of the private sector in various commercial and investment sectors of common interest.

The Minister of Finance of Egypt said that the supplementary agreement to the protocol for avoiding double taxation and preventing tax evasion on income, which was signed with the UAE on the sidelines of the forum today, reflects the two countries' commitment to deepening bilateral ties, particularly in the economic sphere.w

He affirmed Egypt's keenness to provide facilities and remove any tax or customs obstacles that may face Emirati investors and companies in Egypt, in a way that contributes to expanding the base of their business and investment and productive activities, and increasing trade exchange between the two countries.

The Egyptian Minister of Finance called on the Emirati business community to benefit from the measures taken by the Egyptian government to stimulate production and export in various fields, including the golden licence, the state ownership policy document, and government offerings.

Source : Argaam