February 7, 2023

Dubai Week

Complete Dubai News World

$ 20 billion UAE investment in Egypt

$ 20 billion UAE investment in Egypt

“The value of Emirati investments in Egypt is currently $ 20 billion and is expected to reach $ 35 billion in the next five years,” said Jamal al-Jarwan, general secretary of the Emirati Investors Council Abroad.

Al-Jarwan expressed interest in the private sector during a meeting in Abu Dhabi today under the chairmanship of the Prime Minister, along with official representatives of the Arab Republic of Egypt and several ministers and senior officials of the Egyptian government. The United Arab Emirates is looking to invest in Egypt due to its promising growth opportunities and large projects in various sectors.

On the Emirati side, many investors reviewed the problems they face in Egypt and their ambitions to expand there. They stressed that the biggest hurdles were slow procedures and the instability of the license and the Egyptian pound exchange rate.

Egyptian Prime Minister Mustafa Madhouli said for his part that Egypt plans to increase the share of the private sector in economic activity from 30% to 65% by providing projects worth $ 40 billion over the next three years. .

He pointed out that there are facilities for investors in industrial lands and importantly in various new areas the price and value of this land is to be announced soon, setting up an office under his direct guidance to solve the problems of the investors. Supervision.

He added, “Considering the importance of cooperation and self-sufficiency imposed by the current situation, Egypt wants to attract direct investment in specific sectors such as energy, industry and agriculture.”

The two sides explored opportunities for cooperation and overcoming difficulties in securing further new investments in addition to existing ones.

See also  Hassan Nasrallah: Mohammed bin Salman says we gave $ 20 billion to Lebanon ... where is it?

Follow our latest local and sports news and the latest political and economic developments via Google News