Al-Futtaim Group to invest up to $1 billion in Egypt during next 3 years

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meeting between prime minister Dr. Moustafa Madbouly and Emirati business chief Omar Abduallah Al-Fu

Prime Minister Mostafa Madbouly (centre) during his meeting with the CEO and vice-chairman of Al-Futtaim Group Omar Abdulla Al-Futtaim (left) in Cairo on Thursday. (photo courtesy of the Egyptian Cabinet)

Al-Futtaim made the comments in a meeting with Prime Minister Mostafa Madbouly and other Egyptian officials.

Madbouly said Egypt welcomes foreign investment and praised the achievements of the Al-Futtaim Group during its 40 years of activity in the Egyptian market, a statement by the cabinet said.

The PM said the state seeks to enhance the role of the private sector in investments, and that the State Ownership Policy Document has been prepared and is being presented for community dialogue in preparation for its implementation. Madbouly said that the document aims to reassure local investors, attract more foreign investments, and enhance the confidence of international institutions in the Egyptian economy.

The state’s policy document aims to delineate its presence in the economic sectors and activities to increase private sector participation. The document will specify the sectors from which the state plans to exit and those where it will continue during the next three years, according to a previous cabinet statement.

For his part, Al-Futtaim said messages reflected in the State Ownership Policy Document are reassuring, and he expressed his optimism about the contents of the Integrated Industrial Partnership Initiative for sustainable economic development between Egypt, the UAE and Jordan

On Wednesday, President Abdel-Fattah El-Sisi urged enhancing coordination and close cooperation between the state’s ministries and relevant bodies to expedite the activation of the newly-launched partnership industrial initiative with the UAE and Jordan.

The initiative was launched in a tripartite meeting during a visit by a delegation from the Egyptian government headed by Madbouly to the Emirati capital.

As part of the initiative, the UAE’s government announced on Sunday that it is allocating an investment fund of $10 billion for joint projects with Egypt and Jordan.

The fund will be run by Abu Dhabi Development Holding to support and accelerate the projects arising from the initiative.

The PM affirmed the possibility of inviting investors from the Al-Futtaim Group’s partners to visit Egypt to consider investment opportunities.

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