RIYADH: The bilateral trade between Egypt and Brazil has grown significantly to reach $2.6 billion, making the Latin American country its top trading partner. The North African country is seeking to bolster cooperation in the industrial sector with the UAE, and Jordan. Egypt is also preparing to issue the first sovereign sukuk before the fiscal year ends. Meanwhile, Egypt’s Tatweer Misr and France’s Schneider Electric signed an agreement to help build and manage smart cities in the country.
· Trade volume between Egypt and Brazil currently stands at $2.6 billion, making Egypt the first trading partner of Brazil amid Arab countries, local newspaper Youm 7 reported, citing Khaled Hanafi, secretary-general of the Federation of Arab Chambers of Commerce. This is mainly attributed to the growth of bilateral relations between the two countries over the past few months.
· Egyptian Prime Minister Mostafa Madbouly has followed up on the government’s efforts to boost cooperation with the UAE and Jordan in the industrial sector during a meeting held on Sunday, local newspaper Daily News Egypt reported. The three countries are eager to foster joint projects that will potentially create added value to their economies and bolster competitive indicators, as well as economic growth rates.
· Egypt is preparing to issue the first sovereign sukuk before the end of the current fiscal year, local newspaper Youm 7 reported, citing Minister of Finance Mohamed Maait. This will provide the necessary financing for investment projects included in the economic and social development plan in the state’s general budget. Such a move is also expected to lure local and international investors, who prefer financial transactions in line with the Islamic Shariah.
· Egyptian industrial real estate agency Tatweer Misr and French multinational company Schneider Electric have signed an agreement regarding the integration of technological innovation in projects to build and manage smart cities, local newspaper Daily News Egypt reported. Under the agreement, Tatweer Misr will be able to use Schneider Electric’s iTWO platform which poses as one of the most efficient solutions to manage real estate projects.