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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 Headline Inflation Almost Halves in February

Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM
Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM
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Egypt's Headline Inflation Almost Halves in February

Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM
Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM

Egypt's annual urban consumer price inflation plunged to 12.8% in February from 24.0% in January, decelerating even faster than analysts had expected, official data showed on Monday.
The drop was amplified by a statistical base effect, as exceptionally fast price increases of the past two years were no longer reflected in the statistics, analysts said.
Fifteen analysts polled by Reuters last week had expected inflation to cool to a median 14.5%.
Month on month, prices were 1.4% higher in February than in January.
Food and beverage prices were up by an annual 3.7% after rising 0.2% from January.
Core inflation also plunged more than expected to 10% on year-on-year basis in February, from 22.6% in January, the central bank said.
Inflation climbed following the Russian invasion of Ukraine in early 2022, which prompted foreign investors to withdraw billions of dollars from Egyptian treasury markets. Headline inflation reached a record high of 38.0% in September 2023.
The price rises were fueled in part by rapid growth in the money supply. M2 money supply expanded by an all-time high of 32.1% in the year to end-January, central bank data showed.
Egypt devalued its currency a year ago, raised interest rates by 600 basis points and signed an $8 billion financial support package with the International Monetary Fund, helping to bring its finances under control.