Kuwaiti businessperson Abdullah Al-Shaheen, the first ambassador of the Tahya Misr Fund, has announced the injection of EGP 250m in new investments to the Egyptian market, through the investment bank, FEP Capital.
Al-Shaheen said that this is a new step in developing investments in Egypt, adding that the Egyptian market is still the best and most profitable in the Arab region and Africa.
“The investment environment in Egypt has exceeded everyone’s expectations by overcoming difficulties and thanks to President Abdel Fattah Al-Sisi’s wise leadership of the economic file, and the consolidation of the pillars of the Egyptian state,” he added.
Al-Shaheen noted that the most recent of these achievements was the “Decent Life” president initiative aimed at developing Egypt’s villages. He said that no country has undertaken such a project, nor has it an institution such as the Tahya Misr Fund, which is aimed at building projects and housing units for citizens free of charge.
He added that Egypt’s economic experience during the past six years is unique and commendable, saying, “The country that can overcome the challenges and threats that Egypt experienced is a country that any investor can trust.”
“I have not seen, in my investment journey from the US to Europe to the Middle East and the Arab world, what I have seen in Egypt during the past six years, which is a state that has the ability to turn the tide in its favour, and turn crises into achievements,” Al-Shaheen also said, “I proceed now to document what I have experienced in Egypt during the past ten years through a book called ‘Witness to Long Live Egypt’.”
Al-Shaheen entered the Egyptian market as an investor more than 20 years ago, during which he invested in several projects in the industrial, real estate, and agricultural sectors.
Omar Maghawry, CEO of FEB Capital, said that the Egyptian economy has become immune to shocks thanks to the economic reform programme implemented by the government during the past five years.
He added that this was visible at a time when the economies of major countries suffered due to the novel coronavirus (COVID-19) pandemic. The Egyptian economy, however, achieved a positive growth rate and was able to limit the negative effects of the crisis.
The latest International Monetary Fund (IMF) report noted its expectation that the growth rate would rise in the next fiscal year to 5.8%, in addition to seeing a decline in the unemployment rate to 7.2%, Maghawry said.
“Any investor who wants the stability of the investment environment, which is already achieved in Egypt in a large and promising way,” he added.
Maghawry also indicated FEP Capital’s interest in directing investment into Egypt’s food industries sector, in particular.
He cited the attractiveness of this sector due to the competitive advantages that Egypt holds and the accumulated experiences that make it an export destination.
The size of the retail food sector in Egypt stands at about $15bn, and many experts expect this market to witness a growth of 15-20% in the next five years. This includes Egyptian food exports set to exceed $3bn annually, according to the latest reports.
