The Central Bank of the UAE and the Central Bank of Egypt have signed a bilateral currency swap agreement to boost economic ties between the countries.
The size of the agreement is between Dh5 billion ($1.36 billion) and 42 billion Egyptian pounds, the UAE bank said on Thursday.
A foreign currency swap is an agreement to exchange currency between two parties, in which they swap principal and interest payments on a loan made in one currency for a loan of equal value in another currency.
The agreement “reflects the strong relationship between the two countries and serves as an opportunity to promote co-operation and develop our respective economic and financial markets”, said UAE central bank governor Khaled Balama.
“In line with the efforts of the UAE and Egypt’s leadership to collaborate more broadly across multiple areas, the CBUAE is keen to deepen its co-operation with the CBE to achieve common interests, positively impact the trade, investment and financial sectors, and enhance financial stability,” said Mr Balama.
The UAE and Egypt, the Arab world’s most populous country, have a strong trade and economic relationship.
The UAE is the largest international investor in Egypt, with total investments worth more than Dh55 billion, according to a Wam report last year.
Over the past 22 years, UAE-Egypt non-oil trade has totalled more than Dh247.68 billion, rising by 3,635 per cent since 2000, the state news agency reported, citing data by the Federal Competitiveness and Statistics Centre.
In May 2022, the two countries, along with Jordan, announced the signing of the industrial partnership agreement aimed at boosting sustainable growth as well as the creation of a $10 billion investment fund to accelerate partnership across five priority sectors.
These include petrochemicals; metals, minerals and downstream products; textiles; pharmaceuticals; and agriculture, food and fertilisers.
A number of UAE companies are also investing in Egypt including Emaar Properties and Aldar Properties, Abu Dhabi’s biggest listed developer.
“I am confident (the agreement) will bolster co-operation between both financial sectors in their respective currencies,” Hassan Abdalla, governor of Egypt's central bank, said.
Last year, the UAE central bank signed a similar agreement with its Turkish counterpart to help improve trade and investment ties.
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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