Egyptian contractors eye Iraq reconstruction with First Abu Dhabi Bank backing

Shafaq News/ The Egyptian Federation for Construction and Building Contractors is planning to approach First Abu Dhabi Bank for financing to cover the guarantees necessary for Egyptian companies to operate in various international markets, including Iraq.

According to sources cited by “Bloom Gate” on Sunday, “Federation officials are eager for Egyptian companies to expand in Iraq and benefit from reconstruction efforts. They are therefore seeking banks capable of providing guarantees for operations in a market like Iraq, with First Abu Dhabi Bank emerging as a key candidate. The two parties are expected to hold bilateral meetings soon to establish an ideal working mechanism.”

On December 19, Egyptian Minister of Industry and Transport Kamel El-Wazir stated that “President Abdel Fattah El-Sisi had directed the immediate execution of all cooperation aspects with Iraq to meet the Iraqi side’s demands.”

Data from Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) showed an increase in Egyptian exports to Iraq since the beginning of 2024. CAPMAS data indicated that Egypt's total exports to Iraq reached $308.553 million from January to May, up from $274.073 million during the same period in 2023, marking an increase of $34.48 million.

Conversely, Egyptian imports from Iraq also saw a slight rise during the same period. The value of Egyptian imports reached $4.105 million in the first five months of this year, compared to $2.357 million in the same period of 2023, an increase of $1.748 million.

The value of trade between Egypt and Iraq contributes to the trade exchange between Egypt and the Arab Common Market countries, with Egyptian exports to these countries rising to $1.639 billion from January to May, compared to $1.448 billion in the same period in 2023, an increase of $191.778 million.