Egypt in focus: Trade exchange with the UAE hits $3.6bn in 2021; Economy grows 7.8%

RIYADH: Trade exchange with the UAE hits a significant amount in 2021. Egypt’s economy is seen recording noteworthy growth rates in the current fiscal year. 

The percentage of green projects in the African country’s budget is expected to reach 50 percent in two years. In addition, B2B platform Cartona is collaborating with Unilever to expand their product offerings. Meanwhile, Orascom construction has signed a deal with Germany’s Siemens Mobility to expand the network of the first high-speed rail system in the country.

·Trade exchange between Egypt and the UAE reached $3.6 billion during 2021, local newspaper Youm 7 reported, citing Minister of Trade and Industry Nevin Gamea. This comes as the Egyptian commercial Office in Dubai is working on providing the required support to Emirati companies investing in Egypt in terms of the overall process as well as any unprecedented challenges that they might face.

·Egypt’s economy surged 7.8 percent in the period between July 2021 and March 2022, up from 1.9 percent during the corresponding period a year earlier, local newspaper Egypt Today reported, citing Minister of Planning Hala El-Said. Based on the growth rate in the first nine months of the fiscal year, the real growth rate by the end of the year is projected to reach 6.2 percent, the minister revealed.

·The percentage of green projects in the state’s general budget is expected to reach 50 percent in two years, up from 30 percent currently, local newspaper Youm 7 reported, citing Deputy Minister of Planning and Economic Development Ahmed Kamali.  This comes as the country is shifting focus toward a green and environmental economy via a wide range of infrastructure projects. 

·Egyptian emerging B2B e-commerce marketplace Cartona has announced that it will partner with British multinational consumer goods company Unilever in an attempt to expand the platform’s offerings in terms of goods and products, local newspaper Daily News Egypt reported. This ties in with Cartona’s target to digitize traditional trade in the country and eliminate inefficiencies across the value chain.

·Egyptian engineering firm Orascom Construction PLC has signed a deal with Germany’s Siemens Mobility and The Arab Contractors to propel the second phase of the country’s first of its kind high-speed rail system, according to a statement. Under the agreement, the rail system’s network will increase to reach 2,000 km, up from the 660 km completed in the first phase of the project.