Three new UAE companies have been incorporated in the Egyptian market during September, according to UAE newspaper Al Bayan. Thus, UAE investments in the North African country have increased by $25 million to reach around $5.17 billion, from $5.15 billion. The number of UAE companies operating in Egypt also rose to 677 from 674. One of the three new companies operates in industry, while the other two operate in services. Egypt's Minister of Planning Ashraf El Araby was cited late in October as saying that the value of investments owned by the UAE in Egypt exceeded $5 billion. According to UAE's Al-Bayan gazette, UAE companies are operating in various sectors in Egypt, mainly housing, trade, oil and sewage. The minister added that the UAE will invest in Suez Canal Axis project and the logistics hub for grain storage and trade. El Araby explained that, as per the cooperation agreement signed between Egypt and GCC states, the UAE will contribute to the financing of several projects in Egypt, topped by the building of one million housing units in tie-up with UAE's contractor Arabtec. The telecommunications sectors took the biggest share in UAE's investments in Egypt, with nearly $2.74 billion. It was followed by industrial sector ($444 million). The UAE's investment in Egypt's construction and tourism sectors amounted to $359 million and $257 million respectively. The UAE ranked as the third biggest Arab investor in Egypt, second to Saudi Arabia.
