Syed Al Hajjar (Abu Dhabi)
Jamal Al-Jarwan, Secretary General of the Emirates Council for Investors Abroad, confirmed that Emirati’s investments in Egypt have reached nearly $ 20 billion, explaining that Emirati investors are looking forward to increasing it to $ 35 billion within 5 years. Al-Jarwan said during a meeting of the Emirates Council for Investors Abroad with Dr. Mostafa Madbouly, the Egyptian Prime Minister, in Abu Dhabi yesterday, in the presence of a number of CEOs of Emirati companies investing in Egypt, that the Egyptian economy is characterized by flexibility and is witnessing a remarkably positive development in terms of easing procedures and approve many laws and amendments regarding investment laws.
He stressed that the private sector in the United Arab Emirates, according to the directives of the wise leadership of the Emirates, is an important partner for Egypt, especially during this period, which is witnessing remarkable developments at the economic level, and explains, that His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, may God protect him, is very aware of investments in Emirates in Egypt.
He added that Emirati investors are ready for more projects and partnerships in Egypt.
Hala Al-Saeed: We aim to increase the contribution of the private sector and attract foreign direct investment
Dr. Hala Al-Saeed, Egypt’s Minister of Planning and Economic Development, confirmed that the Egyptian government is on track to increase private sector contributions and increase foreign direct investment.
In response to investors’ questions about external debt, Al-Saeed explained that debt is one of the tools and means of financing, whether through bonds or external loans, noting the need to take into account several factors represented in the use of debt, its ratio to the amount of investment and the debt structure, whether short or long.
She stated that 91% of the debt is long-term and that about 50% of the debt is borrowed from international financial institutions.
Al-Saeed suggested that despite this, the external debt is closely monitored, and there are monthly and quarterly meetings to be monitored, and a committee was set up about two and a half years ago to follow up on every loan requested from any party to ensure that the loan is used in a project of Within the state’s priorities in sustainable development, no loans are raised to finance infrastructure or construction, but added value is required, whether it is through foreign investment or new technology.
She added that all indicators are also monitored, such as the debt-to-output ratio, indicating that the debt-to-output ratio is currently within safe limits and lower than many similar countries.
Al-Saeed said the volume of production rose from $ 410 billion to about $ 450 billion, with the state’s interest in adding the informal economy to the official system, and a 9% growth rate was achieved in the first half of last fiscal year. , with high growth rates in all sectors. At the forefront are agriculture, industry, communications and information technology, in addition to an increase in the Suez Canal’s revenue of around 13%.
Al-Sayed Al-Qusayr: Great Emirati-Egyptian cooperation in agriculture
His Excellency Mr Al Qaseer, the Egyptian Minister of Agriculture and Rural Development, reaffirmed the existence of distinct investment opportunities in agricultural production, activities related to animal and fish production, serums and vaccines, agricultural innovations and intelligent agriculture. Egypt. also has experience in improved seeds.
He pointed to Egypt’s interest in monitoring animal and plant health, and there is cooperation with the United Arab Emirates in the field of agriculture, which pointed to the Egyptian government’s eagerness to overcome any obstacles to investment in the agricultural sector.