Egypt has the potential to transform into commercial, production hub: UAE ambassado

Alkaabi made the statement during a meeting with the Minister of Finance, Ahmed Kouchouk, at the new administrative capital.

She also boasted the special relations between the two countries, stating that such potential will drive the UAE to implement new projects using diverse financing tools.

“We are currently working on initializing a more attractive business environment for private sector investments,” stated Kouchouk.

He also noted that the government is eager to strengthen cooperation between the two sides, saying, "We are open to any collaboration that will open up promising horizons for investment in Egypt with the Emirati side."

Furthermore, he stated that the government looks forward to developing Emirati investments in different sectors in Egypt, noting that the UAE has become Egypt's largest investment partner in recent years.

Egypt and the UAE recently signed a $35 billion Foreign Direct Investment (FDI) deal -- the largest in Egypt's history -- to develop Ras El-Hekma on the North Coast.