$10bn total UAE investments in Egypt: GAFI head

UAE investments in Egypt are worth $10bn according to Chairman of the General Authority for Investment and Free Zones (GAFI) Hassan Fahmy.

Fahmy expects a growth in Emirati investments in Egypt in the coming period in light of the legal amendments undertaken by the government to many private investment laws.

An official source within the Ministry of Investment said that Emirati investments in real estate represent 30% of the total, tourism 35%, and agriculture and communications 10%, with other investment activities accounting for the remainder.

The anonymous official predicted a rise in UAE investments in private logistics activities in the Suez Canal area in the near future, due to construction on the Suez Canal Axis project.

“The national projects that will be launched along with the parallel Suez Canal project will bring in investments ranging between $2bn-$4bn from the UAE,” the official said.

The official linked the provision of special facilities pertaining to incorporation to the amendments undertaken by the state to investment laws.

According to a report obtained by Daily News Egypt, the most important UAE companies through the end of 2013 included Etisalat, with EGP 14.9bn in capital and contributions worth EGP 11.7bn.

Abu Dhabi Islamic Bank, which undertakes all practices consistently with Shari’a law, was also amongst the most important companies, with EGP 2bn in capital and EGP 1.2bn in contributions.

Union National Bank had EGP 637m in capital and contributions valued at EGP 598m, while Mashreq Bank boasted capital and contributions valued at EGP 566m.

In terms of real estate investment, DAMAC, the company developing Gamsha Bay in Hurghada, has capital worth EGP 1bn with EGP 1bn in contributions.

Emirates Heights, a tourism investment company, has capital worth EGP 150m and contributions amounting to EGP 75m.

Emaar Misr has capital and contributions worth EGP 699m and operates in the field of urban development.

Al-Futtaim Real Estate is among the most important real estate investment companies operating in Egypt with capital worth EGP 600m and EGP 598m in contributions.

Agricultural company Al-Zahera has capital worth EGP 619m and contributions worth the same value.

Qala’a Holdings is a financial consulting company with EGP 435m in paid capital and EGP 336m in contributions.

In the field of finance, three main companies stand out. This includes Altanmia Modern with paid-up capital amounting to EGP 262m and contributions worth EGP 260m; Arab Investment Company with EGP 238m in capital and contributions; and Abu Dhabi Tourist Investment with EGP 240m in paid-up capital and EGP 234m in contributions.

In the field of industry, Taghleef Industries, which works in the field of chemicals, has capital worth EGP 120m and contributions worth EGP 118m.

Emarat Misr Petroleum Products has paid-up capital worth EGP 130m with contributions worth EGP 65m.

Largest 50 Emirati companies investing in Egypt during the period extending from 01/01/1970 through 31/10/2013