CAIRO: Picking up where President Hosni Mubarak left off, Minister of Investment, Dr. Mahmoud Moheiddin, continued his whirlwind tour of the Gulf, with stops in Abu Dhabi and Dubai.
The minister’s tour of the United Arab Emirates, starting with Abu Dhabi and ending in Dubai, because of interest expressed by the region in the country’s investment opportunities. The tour included numerous visits with top officials and heads of state, in addition to meetings in order to discuss bilateral agreements and relations, as well as the possibility of establishing investment projects.
Accompanied by the chairman and vice chairman of the General Authority of Investment and Free Zones (GAFI), the minister presented the current economic and investment climate being witnessed in Egypt, including future plans and policy reforms.
Mohieddin met with the Abu Dhabi Investment Authority, where discussions led to an agreement to send a door knock mission by the ministries of investment, trade and industry, transport, and other relevant ministries, in addition to GAFI, in two weeks to discuss the sectors that are attracting the most attention.
According to the Ministry of Investment, the authority said it was willing to study a number of projects proposed by GAFI. The minister also discussed investment opportunities to be found in booming sectors such as tourism, petrochemicals, fertilizers, cement, agriculture and real estate.
There are many attractive investment opportunities between the two countries, according to the ministry. The Egyptian Contracting Company, a public sector company, has won a bid to lay a water line from Al Tawela to Al Nar in Abu Dhabi. The project will cost LE 1.2 billion and take 20 months to finish, according to the ministry.
During a meeting between the minister and the chairman of Abu Dhabi Investment Authority, Sheikh Ahmed Ben Zayed, the men also discussed investment opportunities in the financial and industrial sectors. The minister also reviewed reform policies in Egypt with the chairman.
“The authority s investment in Egypt totals $400 million, Ben Zayed was quoted as saying, according to the ministry. We have created a department for investments in emerging markets.
The authority primarily focuses on sectors such as telecommunications, cement, fertilizers and finance.
According to the ministry, Mohieddin and Ben Rashid reviewed bilateral relations between the two countries and discussed establishing investment projects.
I told his Royal Highness about the developments in Egypt s economy and their impacts on investment climate, Mohieddin said in a statement issued by the ministry.
According to the ministry, Ben Rashid also imparted sound advice on how to successfully develop certain key sectors in Egypt, such as tourism and real estate.
Investments in petrochemicals, fertilizers, cement, agriculture and real estate were discussed when Mohieddin met the general director of the Abu Dhabi National Fund, Khalifa El Kendi.
The fund s investment strategy is based on investment in emerging markets, strategic investment based on return and risk analysis and investment in Arab countries.
Mohieddin also met board members of the Chamber of Industry and Trade in Abu Dhabi, Aaed Al Ahbaby and Mohammed Omar, the secretary general of the chamber, according to the ministry.
Mohieddin highlighted the simplified investment procedures in Egypt, including GAFI s one-stop shop, tax and customs reforms, financial reforms and enhanced mortgage finance and insurance.
The minister reportedly stated that the Egyptian government is willing to deal firmly with investment obstacles.
“Investment creates jobs, the minister said in the statement issued by his ministry. In Dubai, the minister met the vice president, prime minister and governor of Dubai. Sheikh Mohammed Ben Rashid Al Maktom.
Mohieddin also met with the Crown Prince of Dubai and Chairman of the Executive Council of Dubai, Sheikh Mohammed Ben Zayed Al Nahian, where they discussed bilateral economic, trade and investment relations. Investments in agriculture were also discussed.
One of the minister’s strategic visits during his tour was with the chief of the crown prince s Diwan, Sheikh Sultan Ben Khalifa. As the chairman of the largest tourism and real estate investment groups in the country, Ben Khalifa’s interest in the tourism sector in Egypt is of great significance to the country, as his group could play a very large and profitable role in the development of the industry. During their visit, the minister reviewed the investment opportunities in tourism available in Upper Egypt. According to the minister, a group of executive leaders from Abu Dhabi are expected to visit Egypt within a few days to consider new opportunities.
Mohieddin also met the Minister of Higher Education, Sheikh Nuhayyan Bin Mubarak Al Nuhayyan, where they discussed the growing direct and indirect investments opportunities available to both countries.
In Dubai, the minister attended a meeting with the country’s Minister of State and Cabinet affairs, Mohammed Abdallah, the Egyptian general consul in Dubai and the commercial advisor to the Egyptian embassy. During the meeting, Abdallah was quoted as saying that in the near future the two countries will witness the actualization of agreements, according to the ministry.
Dubai investors are also considering opportunities in several growing sectors in Egypt, such as petrochemicals, real estate, finance, insurance and mortgage finance, as well as partnerships in infrastructure projects and economic zones in North West Suez Gulf and East Port Said.
The minister also met with officials from the Dubai Financial Center and the Institute of Corporate Governance, according to the ministry. The meeting was of much significance, as evidenced by the high profile individuals who attended, including Sheikh Abdallah Ben Rashi, deputy governor of Om Al Qewen; Sheikh Mohammed Ben Bati Al Hamed, representative of the Dubai governor in the West Zone; Sheikh Ahmed Ben Hamed, special advisor to the President; Egyptian Minister of Energy, Mohammed Al Hamly; Egyptian Minister of Labour, Dr. Ali Al Kaaby; Egyptian Minister of Education, Dr. Hanif Hasan; Egyptian Ambassador to the Emirates, and a number of other high-ranking officials.
