At the beginning of his visit to the United Arab Emirates (UAE), Egyptian Prime Minister Mostafa Madbouly met with a number of senior Emirati investors at his residence in the capital Abu Dhabi.
The visit aims to introduce Egypt’s investment opportunities to attract more investments in the coming period.
The meeting was attended by Egyptian ministers and officials in the industry and investment sector. The Emirati side included Jamal Aljarwan Secretary-General of UAE International Investors Council, which includes in its membership the largest Emirati companies investing abroad, and Maryam Khalifa Al Kaabi, the UAE ambassador to Cairo.
Madbouly met with more than 30 senior Emirati businesspeople in several sectors, most notably industry, petroleum, energy, real estate, agriculture, communications, ports and logistics, tourism and aviation, information technology, financial markets, private investments, retail trade, and recycling.
He expressed Egypt’s keenness for the presence of the largest number of Emirati companies in various fields on the land of Egypt, and for existing investors to expand investments in priority areas for Egypt, especially in light of repercussions imposed by the current global crisis on the region as a whole.
The Prime Minister pointed out that the government of Egypt is currently opening the field for foreign investment and increasing the contribution of the private sector.
He added that the projects currently being developed by the state during the past five years were necessary for the state to carry out, as huge investments in a short time.
Madbouly also presented the file of Egypt’s economic reform measures, which the state took in 2016, noted that one of its goals was to reduce risks facing investment in Egypt.
Additionally, the state took economic reform measures, and completed a programme with the IMF, and work is currently underway on a new programme with the Fund due to the global crisis, which will be announced within a short period. The new programme aims to give a state of stability and confidence to the economy, and reassurance to all investors inside and outside Egypt, in addition to our vision towards challenges facing Egypt, the Prime Minister disclosed.
The Prime Minister noted, “Goals that we are working to achieve are for the private sector’s contribution to total investments to reach from 30% currently to 65% within three years. The largest in these total investments and at the same time we are working on offering some assets to the private sector to acquire percentages of them, and we estimated this at about $40bn over four years, with an average of $10bn per year.”
Madbouly highlighted that the state will focus during the next period on specific sectors, and explained that the industrial sector has the first priority for Egypt now.
Madbouly highlighted that the state will focus during the next period on specific sectors, and explained that the industrial sector has the first priority for Egypt now.
He disclosed, “Our presence today comes to develop a tripartite strategy between Egypt, the UAE and Jordan to achieve integration in the industry sector. Moreover, the real estate development sector is very important, there are “very successful” experiences from our brothers in the UAE in investing in this sector in Egypt, and in this regard I welcome the expansion of their investments in this important field in Egypt.”
Madbouly added that he is personally responsible for facilitating any procedures for obtaining approvals, licenses and permits for investors’ projects, as long as there will be investments.
Emirati companies working in agriculture in Egypt said: “Agricultural sector is also a top priority for the Egyptian state, and we are now building infrastructure for agricultural lands obtained by the investors. Besides, there has already been a great boom in areas such as Toshka and East Al-Owainat, as well as the West Minya region as a promising region as well, in addition to two large projects we are working on in the New Delta region in northern Egypt.”
The integrated industrial partnership for sustainable development between Egypt, UAE and Jordan is a continuation and strengthening of brotherly relations. This partnership is an opportunity for the three countries to continue to explore opportunities for partnership and joint investment in vital areas of common strategic interest.
The partnership is a platform for cooperation in the future, and is based on the importance of integration, promoting openness, developing the industrial sector, exchanging economic benefits, and benefiting from human resources and expertise through the establishment of large joint industrial projects in more than one country, which provides new job opportunities and contributes to increasing GDP.
The combined capacity of the three countries to the GDP of the Middle East and North Africa is estimated at $756bn, the value of exports worth $419bn, meanwhile, imports value estimated at $380bn.
