The UAE and Egypt agreed to establish a joint working group tasked with developing an executive program to expand Emirati investments in Egypt’s petroleum industry
Egypt is seeking to attract new UAE investments into its petroleum sector, with a focus on oil and gas exploration and aviation fuel supply, as it looks to strengthen energy cooperation with the Gulf nation.
Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, held talks on Tuesday with a UAE delegation led by Hussain Sultan Lootah, Chief Executive Officer of the Emirates National Oil Company (ENOC), and Abdulkarim Al Maazmi, Chief Executive Officer of Dragon Oil, to discuss opportunities to expand Emirati investments in Egypt’s energy industry.
Egypt seeks greater Emirati participation through strategic partnerships
The discussions between the UAE and Egypt centered on potential projects in aviation fuel supply, as well as oil and gas exploration, research and production activities.
According to a statement issued by the Ministry of Petroleum and Mineral Resources, officials from ENOC and Dragon Oil commended Egypt’s success in settling outstanding dues owed to investment partners, describing the move as a key factor in strengthening the country’s investment climate.
The executives said the achievement reflects the strength and credibility of the Egyptian state, helping to enhance investor confidence and create favorable conditions for additional investments in the sector.
For his part, Badawi said cooperation between Egypt and the UAE in the petroleum sector represents a successful model of Arab economic integration, pointing to Dragon Oil’s accomplishments in Egypt and the company’s commitment to expanding its investment programs.
He reaffirmed Egypt’s support for greater Emirati participation through strategic partnerships with Egyptian companies and the development of a joint roadmap to capitalize on promising opportunities across the sector, particularly in aviation fuel services.
UAE and Egypt to establish joint working group to boost investments
During the meeting, the UAE and Egypt also agreed to establish a joint working group tasked with developing an executive program to expand Emirati investments in Egypt’s petroleum industry and evaluate opportunities in aviation fuel supply as well as oil and gas exploration activities.
The initiative is expected to further strengthen the strategic partnership between Egypt and the UAE while supporting efforts to attract new investments and accelerate growth across Egypt’s energy sector.
