Mohammed Abdul Aziz Al-Shaya, CEO of Alshaya Group, announced his desire to invest $3bn in Egypt over four years, according to a cabinet statement on Tuesday.
During a meeting with Prime Minister Ibrahim Mehleb, Al-Shaya said he intends to build a huge shopping mall on 120 acres of land as per the design of his mall in Kuwait.
Mehleb is on three day visit to Kuwait with an economic delegation to discuss enhancing the Kuwaiti investments in Egypt.
Meanwhile, Vice President of Al-Kharafi Group, Bader Al-Kharafi, announced the group’s intentions to launch a factory for Mitsubishi Motors in Egypt, to be located in Qena. He said the group is currently obtaining approvals from the company.
Al Kharafi added that his group wishes to pump investments in the new administrative capital, mentioning Zain Communications’ desire to invest in Egypt. Zain is an affiliate company of Al-Kharafi Group.
Mehleb welcomed Al-Shaya’s initiative to carry out the new mall in Egypt, noting there’s a possibility the contract will be signed before the economic summit.
The prime minister said the government is currently paving ways to attract different investments, and that problems on-hold are being solved. He added “we strongly support serious companies and investors, and Al-Kharafi Group is one of the successful companies in Egypt”.
Furthermore, Minister of Housing, Utilities and Urban Communities, Mostafa Madbouly, presented a number of investment opportunities in the new cities. He said there’s a possiblity Al-Shaya’s new mall will be located in New Cairo or 6th of October.
On Tuesday, during a meeting with the Egyptian community in Kuwait, Governor of the Central Bank of Egypt (CBE), Hisham Ramez, stated that Egypt is not facing a dollar issue and that the government imports roughly EGP 60bn a year.
The CBE and the rest of the banks provide half this amount, he noted, while the rest is produced in the black market. This means that dollar resources are available, and imported goods in the market are proof to this, Ramez noted.
Ramez said that “recently, we found out that big companies are the ones manipulating the black market because it is of benefit to them”.
“However, one way or the other, I promise that the black market will be closed not with force but with procedures applied internationally. Whoever owns dollars in the black market will have to take them back,” he assured.
Ramez pointed out the importance of Egyptians’ roles during this phase, whether they are inside or outside Egypt, because the country is going through a phase of either development or recess.
To overcome this, all Egyptians have to take a role, said the governor, adding that the whole world believes there are good investment opportunities in Egypt. Right now, some obstacles are being solved with the efforts of the president and his ministers. Ramez further demanded that Egyptians in Kuwait and abroad put their money in their country’s banks and invest in them.
The governor assured that CBE is strong, and that no banks are facing difficulties, adding that the liquidity of the banking system is high. “We are ready to push growth in the coming period,” said Ramez.
