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UAE, Egypt Sign Reinsurance Agreement to Bolster Trade and Economic Cooperation

UAE, Egypt Sign Reinsurance Agreement to Bolster Trade and Economic Cooperation
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UAE, Egypt Sign Reinsurance Agreement to Bolster Trade and Economic Cooperation

UAE, Egypt Sign Reinsurance Agreement to Bolster Trade and Economic Cooperation

Etihad Credit Insurance (ECI), the UAE Federal export credit agency (ECA), and its Egyptian counterpart Export Credit Guarantee of Egypt (EGE) have signed a reciprocal reinsurance agreement to support Emirati and Egyptian projects in their respective countries as well as their collaborative initiatives around the world.

The agreement between the two state-owned firms will strengthen trade and economic cooperation as well as boost exports.

The broad range of trade credit insurance amongst these two entities will help anticipate and mitigate risks they might encounter due to various political, commercial, and non-commercial reasons.

It follows the alliance formed between ECI and EGE at the end of 2019, which propelled non-oil trade to surge despite the challenging economic cycle triggered by pandemic fallout.

Massimo Falcioni, CEO of ECI, commented on the strategic collaboration between his organization and EGE: "The Emirates have maintained a strong, historical bilateral relationship with Egypt since its establishment, and their non-oil trade relations have also remained strong."

“Deepening our existing partnership, this reinsurance agreement will give rise to unparalleled trading opportunities for local businesses to improve their regional and global competitiveness."

In the meantime, Managing Director and General Manager of EGE Mohamed Azzam stated: "The UAE has always been our leading trading partner in the region, with significant mutual business cooperation prevailing among the citizenry of both nations for a long time."

The UAE's Ministry of Economy reports that non-oil trade between the UAE and Egypt amounted to AED 25.8 billion in 2020, a 14.34 percent increase over AED 22.1 billion in 2019, demonstrating a solid and enduring strategic relationship between the two countries.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.