Dubai: Dubai FDI, the investment agency of the Dubai Economy department, said it is working to strengthen ties with Egypt, and is discussing foreign investments with Egyptian officials.
During discussions between Dubai FDI and a delegation from Egypt’s General Authority for Investment and Free Zones, the two parties discussed the volume of foreign investments coming into the emirate as a result of government efforts to create a business-friendly environment.
Dubai FDI also discussed its mandate to attract international companies and help stimulate capital growth. The agency added that the visit from the Egyptian delegation will reinforce government-to-government ties and promote sharing of knowledge.
Khalid Al Boom, deputy chief executive officer of Dubai FDI, said the current business environment will boost economic and investment cooperation between the UAE and Egypt to achieve their growth goals.
Egypt has been on an economic reform drive as it aims to spur economic growth and attract more foreign investments following the 2011 uprising. Similarly, the UAE’s government has recently introduced new measures to attract foreign investments as it aims to boost economic growth following the 2014 plunge in oil prices that led to slower growth.