The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) have entered into a Bilateral Currency Swap Agreement between the UAE Dirham and the Egyptian Pound. The partnership and the agreement, signed by His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and His Excellency Hassan Abdalla, Governor of the Central Bank of Egypt, allows for the exchange of local currencies between the two central banks with a nominal size of up to USD 1.4 billion.

The press release highlights that the Bilateral Currency Swap Agreement between the UAE and Egypt intends to reflect the strong relationship between the two countries. It will also serve as an opportunity to promote cooperation and develop the respective economic and financial markets. Furthermore, in line with the efforts of the UAE and Egypt’s leadership to collaborate more broadly across multiple areas, officials of the CBUAE state that they are keen to deepen its cooperation with the CBE to positively impact trade, investment, and financial sectors, as well as enhance financial stability.

Economic relations between the United Arab Emirates and Egypt The United Arab Emirates and Egypt have a prominent historical relationship spanning more than 50 years. The bilateral relations between the two countries show a relation that aims to reflect common values and mutual respect between the countries and their peoples. The historical relations between the two countries culminated in a number of agreements, including trade, economic, and technological cooperation between the Abu Dhabi Chamber of Commerce and Industry (ADCCI), the Federation of Egyptian Chambers of Commerce and the Abu Dhabi National Oil Company (ADNOC), which aimed to enhance trade exchange and encourage investment.

The Egyptian-Emirati Business Council (EEBC) agreement was also signed to strengthen economic relations. This was followed by an agreement which included the establishment of a free trade zone between the UAE and Egypt. Currently, the UAE has become the biggest investor in Egypt.

It was also the first country to support Egypt in various forums and circumstances. .