– Jamal Al-Jarwan: Emirati’s investment in Egypt rises to $ 35 billion within 5 years.
From Bassam Abdel Samie.
ABU DHABI, 28 May / WAM / During his meeting with the Emirati Investors Council at the Emirates Palace in Abu Dhabi today, His Excellency confirmed Dr. Mostafa Madbouly, Egypt’s Prime Minister, Egypt’s eager for the presence of the largest number of Emirates companies in various sectors and overcoming the obstacles they may face, and notes that the Egyptian government is working to offer some assets to the private sector for to acquire percentages of them, with an estimated value of about $ 40 billion over four years, with an average of $ 10 billion a year.
Dr. Mostafa Madbouly reviewed a number of themes, including the current economic situation in Egypt, the measures taken by the state to address the challenges of the coming period, participation in the private sector, sustainable currency sources, the growth of the Egyptian economy, the most influential sectors and common areas that are expanding.
He said: “We are now in the Egyptian economic situation at the stage where we are strongly open to the private sector and are embarking on gigantic projects based on private investment.”
Regarding the procedures for allocating land for the implementation and achievement of investments and industrial projects, Dr. The price is based on the value of the facilities. It relates to the value of the industries in which they are built.
The Prime Minister also made it clear that the objectives achieved are that the contribution of the private sector to total investment should reach from 30% at present to 65% within three years, and to encourage the local and foreign private sector to to engage strongly in investments. , so that after three years it becomes the contributor The largest in this total investment.
The Prime Minister revealed that the value of all industrial areas in Egypt in all geographical areas over the next few days will be announced by a decision of the Prime Minister and it will happen in a certain way and it will be allocated to investors either through right of use or ownership, and stresses that the government will provide payment facilities.
He stressed that the aim is not to sell the land, but rather to quickly establish and operate various industries on these lands, and that these projects will obtain what we call a “golden license,” or a single license, from the council. the Minister and the Industrial Development Authority, after which the investor obtains the permit, provided that we as a state complete the procedures with the rest of the relevant authorities in the state within 20 working days to solve the problems of investors, and the General Authority for Investment and Free Zones has a large role in this regard, and we also issued a decision to establish a unit to solve the problems of investors in the Council of Ministers to solve their problems.
He stressed that in the next phase, the Egyptian state will focus on specific sectors, explaining that the industrial sector has first priority for us now, adding that our presence today will establish a tripartite partnership between Egypt, the UAE and Jordan to achieve integration. in the industry directory.
Dr. Mostafa Madbouly said the Egyptian government launched a set of additional incentives for specific industries in specific geographic areas, and industrial zones were allocated in the new fourth-generation cities.
He reaffirmed the commitment to facilitate all procedures for obtaining approvals, licenses and permits for projects from Emirati investors, adding that there are a number of Emirati companies working in Egypt in the field of agriculture, which is a top priority for the Egyptian state.
The meeting was attended by members of the official Egyptian delegation, HE Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, HE Dr. Hala Al-Saeed, Minister of Planning and Economic Development, HE El-Sayed Al-Qusair, Minister of Agriculture and Rural Development, HE Nevin Gamea, Minister of Trade and Industry, and HE Dr. Tamer Essam, Chairman of the Board of The Egyptian Medicines Authority, His Excellency Sherif El-Badawi, Ambassador of the Arab Republic of Egypt ashore, His Excellence Counselor Mohamed Abdel Wahab, Executive Director of the General Authority for Investment and Free Zones, His Excellence Eng. Sovereign Egypt, and HE Eng. Mohamed Abdel Karim, Executive Director of the Industrial Modernization Center, and HE Sherif El-Gabaly, Chairman of the Chamber of Chemical Industries.
The Emirati page included HE Jamal bin Saif Al Jarwan, Secretary General of the Emirates Council for Investors Abroad, HE Maryam Khalifa Al Kaabi, UAE Ambassador to the Arab Republic of Egypt, officials from a number of ministries and governments and private institutions, and more than 30 businessmen in several sectors, in particular: industry, energy Real estate investment, agriculture, telecommunications, ports and logistics, tourism and aviation, information technology, financial markets and private investment, retail and recycling.
His Excellency Jamal Al-Jarwan, Secretary General of the Emirates Council for Investors Abroad, for his part, reviewed the volume of Emirati investments in Egypt, which amounted to $ 20 billion, expected to rise to $ 35 billion within 5 years, according to current plans and instructions from the members of the council, pointing out that the directives of the wise leadership of the state to increase Emirati investment in Egypt. He said, “The Emirates Investors Council is working in the next phase to strengthen the future partnership.”
Emirati investors reviewed their investment experiences and the sectors operating in them in Egypt, which include the wholesale and retail sector, energy, health, agriculture, digital services, aviation, tourism, finance and banking and other vital sectors, noting that Egypt is eligible to receive 40 million tourists annually, providing more One of the investment opportunities in the Egyptian tourism sector.
For its part, the Egyptian Minister of Electricity and Renewable Energy referred to Egypt’s plan to expand into renewable energy, green hydrogen and water desalination.
The Egyptian Minister of Planning and Economic Development pointed to the improvement of economic conditions in Egypt and the growth of domestic product by 6% during the current year, and that in terms of public debt, 91% of the external debt is long. maturity, and 9% is short-term debt.