https://arab.news/nnz7n
DUBAI: During the annual Arab Fiscal Forum in Dubai, Egyptian Finance Minister Mohamed Maait emphasized his country’s dedication to enhancing cooperation with the UAE in taxation, economy, finance, and investment areas.
Maait told Emirates News Agency, also known as WAM, that Egypt issued debt instruments in three tranches during the November and December worth $1.5 billion.
He noted the ongoing consideration of bond issuances in Gulf markets as part of the Ministry of Finance’s strategy to diversify financing sources, instruments, currencies, and investor bases.
Highlighting the collaborative efforts of Egypt and the UAE, Maait pointed out the expansion of cooperation frameworks and the creation of new opportunities for joint projects. This includes government coordination, experience sharing, and bolstering private sector partnerships in mutual commercial and investment interests.
A key development at the forum was the signing of a supplementary agreement between Egypt and the UAE to enhance their double taxation avoidance protocol and prevent income tax evasion.
Maait expressed Egypt’s commitment to facilitating and removing tax or customs barriers for Emirati investors and companies in the country.
He encouraged the Emirati business community to leverage Egyptian government initiatives designed to stimulate production and exports, citing examples like the golden licence, the state ownership policy document, and government offerings.
Maait added that the Ministry of Finance participates annually in the World Governments Summit and the Arab Fiscal Forum, which is organized by the Arab Monetary Fund and the International Monetary Fund, 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.