Nahyan bin Mubarak attends celebration of 23rd July Revolution at Egyptian Embassy
ABU DHABI (WAM)Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance and Coexistence, and Khalifa Shaheen Al Marar, UAE Minister of State, attended Monday evening the reception hosted by Sharif Mahmoud Said Eissa, Ambassador of the Arab Republic of Egypt to the UAE, on the occasion of the 73rd anniversary of the 23rd July Revolution.The event, held at the Egyptian Embassy in Abu Dhabi, was attended by a number of senior officials, members of the Arab and foreign diplomatic corps accredited to the UAE, and members of the Egyptian community residing in the country.
In his speech on the occasion, Ambassador Sherif Eissa emphasised the depth and strength of the relations between the Arab Republic of Egypt and the UAE, built on the principles of brotherhood laid down by the late Sheikh Zayed bin Sultan Al Nahyan.
He noted that the past two years have witnessed both qualitative and quantitative transformations in UAE-Egypt relations, with Emirati direct investment in Egypt reaching an unprecedented level of nearly $70 billion, making the UAE the top investing country in Egypt.
He also highlighted the UAE's substantial investments in the Ras El Hekma project on Egypt's northern coast, and noted that bilateral trade between the two countries exceeds $4 billion annually.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
14 minutes ago
- The National
UAE petrol prices to drop marginally in August
Petrol prices in the UAE will drop marginally in August while diesel prices will rise, authorities announced on Thursday. Petrol prices rose sharply in July after being kept steady in June following a marginal increase in May. Prices were reduced in March and April, following a rise of about 5 per cent in February. Fuel rates were unchanged in January. How much will fuel cost in August 2025? The breakdown of fuel prices per litre for next month is as follows: Super 98: Dh2.69, compared to Dh2.7 in July Special 95: Dh2.57, compared to Dh2.58 in July Diesel: Dh2.78, compared to Dh2.63 in July E-Plus 91: Dh2.50, compared to Dh2.51 in July The UAE deregulated fuel prices in 2015 and movements are now tied to those in the global oil market, which has experienced significant volatility since the beginning of the year. Concerns about a global economic slowdown due to US President Donald Trump's tariffs on trade partners, and retaliatory measures, have put pressure on oil prices. Oil prices have increased this week on the prospects of a potential supply shortage after Mr Trump gave Moscow a shorter deadline to end the war in Ukraine. Mr Trump said he would start imposing measures on Russia, such as secondary tariffs of 100 per cent on trading partners, if it did not make progress on ending the war within 10 to 12 days, moving from an earlier 50-day deadline. He said he was not concerned about the impact on the market, suggesting the US could ramp up production. 'I don't even worry about it,' he said on Tuesday. 'We have so much oil in our country. We'll just step it up, even further.' The US had warned China, the largest buyer of Russian oil, that it could face significant tariffs if it kept buying, Treasury Secretary Scott Bessent told a news conference in Stockholm. JP Morgan analysts said in a note that while China was not likely to comply with US sanctions, India has signalled it would do so, putting at risk 2.3 million barrels per day of Russian oil exports. "Trump's 10-day ultimatum to [Russian President Vladimir] Putin to sign a Ukraine ceasefire deal has injected about $4 to $5 per barrel supply risk premium in crude, overcoming a drag from a sustained sluggish oil demand growth outlook and an accelerated unwinding of Opec+ cuts," Vandana Hari, chief executive of Singapore-based Vanda Insights, told The National. "In the days and weeks ahead, how the Ukraine standoff is resolved – or not – may hold the key to crude prices. I expect Trump would not impose such harsh sanctions against Russian oil that they cause a price spike. But one can't completely bet on it." The oil market faced extreme volatility in June, primarily driven by the 12-day Israel-Iran conflict. Brent prices touched a five-month high of more than $81 a barrel, before erasing all gains as the two countries agreed to a fragile ceasefire. Crude prices started the year strongly. The closing price of Brent peaked at more than $82 a barrel on January 15, while West Texas Intermediate hit almost $79 per barrel on that day. However, demand concerns, a slowing global economy and less-than-stellar growth in China, the world's biggest crude importer, have weighed on crude prices this year. Mr Trump's push to impose hefty tariffs on trade partners has been the biggest driver of declining oil prices. Markets remain focused on the US deadline to nail down trade deals by August 1, and the Opec+ meeting over the weekend that will decide supply for September. In July, Opec+ agreed to a larger-than-anticipated increase in its monthly oil output, by 548,000 barrels per day, for August. The decision marked the fifth consecutive month that the group of oil producers, led by Saudi Arabia and Russia, agreed to raise production. However, the latest increase was a jump from the 411,000 barrels per day for each of May, June and July. The group had approved an increase of 138,000 barrels per day in April. "The Opec+ group of 8 will likely push through a final tranche of 548,000 bpd increase in target for September," Ms Hari said. "The market has mostly baked in that outcome, though the decision may initially exert some downward pressure on crude, especially if the Russia geopolitical risk premium has abated or settled into a holding pattern by then."
Khaleej Times
14 minutes ago
- Khaleej Times
UAE petrol, diesel prices for August 2025 announced
The UAE, on July 31, has announced fuel prices for August. After prices slightly increased in July, they will be relatively the same in August. The new rates will apply from August 1 and are as follows: Super 98 petrol will cost Dh2.69 a litre, compared to Dh2.70 in July. Special 95 petrol will cost Dh2.57 per litre, compared to the current rate of Dh2.58. E-Plus 91 petrol will cost Dh2.50 a litre, compared to Dh2.51 a litre in July. Diesel will be charged at Dh2.78 a litre, compared to the current rate of Dh2.63. As fuel prices play a crucial role in influencing inflation, stable petrol rates help keep transportation costs and the prices of other goods under control. The UAE continues to rank among the 25 countries with the lowest petrol prices globally, with an average of Dh2.58 per litre. Since UAE deregulated petrol prices in 2015 and aligned them with global rates, the rates are revised at the end of every month.
Zawya
44 minutes ago
- Zawya
Egypt's minister unveils $102mln cash payout for 2,000 exporters on August 7
Egypt - Ahmed Kouchouk, Minister of Finance, announced that around 2,000 exporting companies will receive approximately EGP 5bn in cash payments on 7 August. This payment represents the first instalment—equivalent to 50%—allocated under the new Cabinet-approved mechanism for settling overdue export support payments. Covering shipments up to the end of June 2024, these payments are made through the Export Development Fund as part of the government's plan to clear all arrears owed to exporters over four consecutive fiscal years starting from the current one. The initiative is designed to support the export sector by providing liquidity to help exporters boost their exports and enhance the global competitiveness of Egyptian products. In a statement issued by the Ministry of Finance on Wednesday, Kouchouk added that, due to strong demand from exporters, the ministry will reopen applications from 17 August to 4 September 2025. This window will allow companies holding certificates from the Export Development Fund to submit the required documents and benefit from the mechanism, with a second payment scheduled for 18 September. Nevine Mansour, Advisor to the Minister of Finance for Economic Institutional Relations He further noted that the current fiscal year includes the largest-ever allocation for export support in the state budget, amounting to EGP 45bn. This will enable the reimbursement of export burdens for the current fiscal year within just three months of file completion, under the new mechanism adopted by the Cabinet to fully settle outstanding dues. This builds on earlier successful programmes launched since 2019, including the Immediate Cash Payment initiative in its seven phases, which benefited around 3,000 exporting companies with total payments of roughly EGP 70bn. Nevine Mansour, Advisor to the Minister of Finance for Economic Institutional Relations, clarified that the first instalment under the new mechanism will be disbursed through the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. She added that, in cooperation with the Central Bank and the banking sector, payments for companies that do not hold accounts at these four banks will be transferred to their accounts at other banks without any administrative fees, further streamlining the disbursement process. © 2025 Daily News Egypt. Provided by SyndiGate Media Inc. (
