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Sunday, 12 July 2020

Emirati investors praise Egypt’s New Administrative Capital project, express willingness to bolster ties

The UAE is seeking to double its investments in Egypt in the coming five years, according to the secretary general of the UAE International Investors Council

Doaa A.Moneim , Wednesday 11 Dec 2019
Emirati
Minister Nasr (C) with the Emirati delegation
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A delegation of Emirati investors, currently visiting Cairo, have praised Egypt’s New Administrative Capital project and its venture opportunities, saying it reflects the rapid upgrade Egypt's economy is undergoing.

During a tour in the new capital, the investors expressed their willingness to inject new investment into the Egyptian market, boosting the role of the private sector in Egypt’s economic development.

Jamal Saif Al-Jarwan, secretary general of the UAE International Investors Council, said Egypt is one the best country in the world to invest in currently, in terms of investor opportunities and returns.

“The UAE targets that its investments in Egypt reach $14 billion over the coming five years, benefiting from the Egyptian market that enriches with promising opportunities and potentials,” Al-Jarwan said.

He called on Emirati investors to consider current venture opportunities of Egypt’s New Administrative Capital, adding that the Egyptian government has offered significant incentives to attract investors and businesspersons to invest in various economic sectors.

Al-Jarwan praised Egypt’s investment climate, especially investor services centres, established by Egypt’s Ministry of Investment and International Cooperation.

The Emirates-Egypt Forum for Trade and Investment, held Wednesday, is one of the biggest economic, commercial forums in the history of UAE-Egypt ties. It brings together notable Emirati and Egyptian investors and businessmen and enjoys, Al-Jarwan said, the “full support of the Emirati Ministry of Economy and the Egyptian government.”

For her part, Egypt’s Minister of Investment and International Cooperation Sahar Nasr highlighted promising venture opportunities in the New Administrative Capital, praising the successes of Emirati companies in Egypt.

UAE investments in Egypt reach $7.2 billion through 1,165 companies working in various sectors, including real estate, tourism, entertainment, oil, energy, food, agriculture, and information technology (IT).

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