New opportunities for cooperation and partnership between the UAE and Egypt in the financial sector

New opportunities for cooperation and partnership between the UAE and Egypt in the financial sector
New opportunities for cooperation and partnership between the UAE and Egypt in the financial sector
  • “Economy” is looking to expand cooperation opportunities with the “Central of Egypt”
  • Abdullah bin Touq: Supporting the process of technological development and digital services in the two countries
  • Tariq Amer: Economic developments and initiatives enhance the development process
  • New opportunities for cooperation and partnership between the UAE and Egypt in the financial sector
  • The UAE is the largest global investor in Egypt, with 55 billion dirhams
  • Egypt hosts 1250 Emirati companies in various sectors

Abu Dhabi: «The Gulf»

Abdullah bin Touq Al-Marri, Minister of Economy, met with Tarek Amer, Governor of the Central Bank of Egypt, to discuss expanding opportunities for cooperation in the financial sector and financial technology, and supporting joint efforts in combating money laundering, which contributes to enhancing stability and economic growth in the two countries.

During the meeting, Ibn Touk reviewed the most prominent new economic legislation and qualitative initiatives launched by the state to transform into a new knowledge-based economic model that is flexible, competitive and sustainable, and embraces talent and pioneering projects, noting that this modern economic system provides an umbrella for generating new opportunities for cooperation and partnership between the state. The Emirates and the Arab Republic of Egypt at the level of government and the private sector during the next stage.

Abdullah bin Touq said: “The Arab Republic of Egypt is a strategic partner in all sectors and economic fields, especially the financial sector, which is witnessing fruitful cooperation between the two sides at all levels. We are keen to advance cooperation in this vital and important sector with the Egyptian side, and support the process of technological development and development. skills, increasing knowledge, and digital and innovative services directed to the market in the two friendly countries.”

Ibn Touk added: “The financial sector is a priority in sustainable development plans led by countries to build the economy of the future. We will work with the Egyptian side to harmonize more with the latest developments in information technology and digital software for the stock markets, and follow the best solutions and modern technologies in the financial sector, financial technology and blockchain applications.” Fifty goals and achieves the future visions of the state.

For his part, Tariq Amer said: “I was pleased to meet Abdullah bin Touq, Minister of Economy of the sisterly UAE, and was briefed on the steps and structural adjustments that are being carried out efficiently to develop the investment climate and enable the economy to continue to achieve remarkable results as it is currently achieved, and the legislative amendments that are the cornerstone for achieving that”.

During the meeting, Amer reviewed the monetary reforms that took place through the reform program and development programs for Egyptian banks that entered the era of digital work and the establishment of the cybersecurity sector. He also reviewed the huge development in efforts made for financial inclusion, maximizing the role of digital payments and the great renaissance in financing small, medium and micro enterprises. And also about the measures that have been taken to achieve higher levels of governance in the management of Egyptian banks to protect savers’ funds and to ensure that the funds that are pumped into development are professionally studied and scientifically managed, and to strengthen the institutional structures in banks and internal control bodies and projects to develop the banking supervision sectors with European central banks And also the great development in the techniques of analysis and research for monetary policy, the boom that occurred in foreign exchange reserves, and the various policy applied by the Central Bank of Egypt to confront the Corona crisis with the aim of preserving markets, dealers, jobs and general price levels.

Amer added, “I have found a great match in the economic work between the two countries.”

The Governor of the Central Bank of Egypt invited the minister to visit Egypt again. In return, Ibn Touq praised the huge presidential and government projects and the renaissance taking place on the land of Egypt, which he was briefed on during his visit last month.

Amer said: “I found all the affection and brotherhood from the Minister and all the officials, their support and great interest in their second homeland, Egypt, and I wished him all success and success in the spirit of youth that I found, wide knowledge and a sincere desire in all national orientations.”

It is worth noting that the UAE is the largest investor in Egypt at the global level, with a cumulative investment balance of more than 55 billion dirhams (15 billion dollars), and more than 1250 Emirati companies are working in Egypt in projects and investments that cover various sectors and fields, and relations between the two countries are developing. Continuous at all levels.

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