UAE and Egypt ink pact to set up fertiliser plant

ABU DHABI - The UAE and Egypt have signed an agreement to set up the world's largest chemical fertiliser plant at a cost of Dh4.5 billion in the economic zone at Suess Gulf.

By Salah Eldin Eltayeb

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Published: Thu 19 Feb 2004, 12:11 PM

Last updated: Wed 1 Apr 2015, 11:54 PM

Fahmi Fayed, the Egyptian ambassador in the UAE, said: "The chemical fertiliser plant will be completed in five years and will meet the increasing demand for the fertiliser in the region."

The UAE is third-largest foreign Arab investor in Egypt after Saudi Arabia and Kuwait. Its investments in Egypt exceeds Dh 1.2 billion .

"We are always looking forward to strengthen and enhance the relationship between the two countries in all aspect of life with much emphasis on economic, social and cultural exchange. The UAE and Egypt have closely developed their political relations to establishing a sample in the Arab world. "

He added: "The UAE government and private sector investors have established more than 97 projects including 12 in the free zone and some 85 projects outside the free zone

"We still look forward to attract more UAE investors and capital into Egypt's huge petrochemical industries."

"The total trade between the two countries has seen a remarkable increase in 2002 to about $ 255 million, with Egypt exporting $131 million to UAE while the UAE exported $124 million to Egypt.

"Exports from Egypt has increased in the year 2002 compared to 2001 by 39 per cent from $ 94 million in 2001 to $131 million in 2002."

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