CAIRO, Dec. 18 (Xinhua) -- Investments from the United Arab Emirates (UAE) in Egypt hit 7.2 billion U.S. dollars in 2019 compared to 6.6 billion dollars in 2018, Egypt's Ministry of Investment and International Cooperation said on Wednesday.
"Up to 1,165 UAE companies are operating in Egypt's market," it said.
The companies are operating in the fields of real estate, tourism, oil and energy, information technology and agriculture.
"Given the enormity of the Egyptian economy, it provides Gulf investors with investment opportunities that could be bigger than those available in their countries," said Ibrahim Nawwar, an economic expert and former adviser to Egypt's minister of industry and foreign trade.
The opportunities for direct investment in Egypt and their expected yields are growing, particularly in sectors attractive to foreign investors such as oil and gas, energy, construction, real estate and infrastructure, Nawwar told Xinhua.
Meanwhile, Egypt is an inexhaustible storehouse for investment opportunities and economic diversification sought by Gulf countries at both the local and regional levels, according to the expert.
"Egypt represents a strategic depth for Gulf states at the security and economic levels and it is the main pillar of any future joint Arab defense system," Nawwar added.
