Egypt to unveil new investment opportunities for Arab, foreigner investors next month: PM Madbouly

Ahram Online , Friday 31 May 2024

Egyptian Prime Minister Mostafa Madbouly said the government will unveil several investment opportunities in key sectors during the joint investment conference between Egypt and the European Union slated for 29-30 June.

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A photo of Prime Minister Mostafa Madbouly (C) speaking during a virtual meeting on Thursday evening with more than 200 international investors from 110 investment companies in different sectors (Photo: Cabinet)

 

The projects will be available for Arab and foreign investors, Madbouly said in a virtual meeting on Thursday evening with more than 200 international investors from 110 investment companies in different sectors.

He also stressed the government’s commitment to the recently announced Initial Public Offering (IPO) designating several shares in state-owned assets, noting that by doing so, the state seeks to increase the presence of the private sector in the Egyptian economy.

Egypt's IPO program is part of the State Ownership Policy Document, which commenced in February 2023. The program aims to offer shares in 35 state-owned companies to strategic investors by the end of June 2024.

According to government officials, as of January 2024, the IPO program has attracted $3.5 billion out of a targeted $5 billion.

Madbouly also reiterated the government’s keenness to implement the State Ownership Policy Document to increase the private sector's contribution to the national economy to 50 percent during the current year and 65 percent over the coming three years.

“The government is working to enhance the presence of investors, reassure them, and improve levels of transparency. It also implements non-contradictory economic policies that provide effective solutions and formulates stable legislative frameworks,” the premier told the Thursday’s meeting.

Recently, the Egyptian government has issued a series of decisions to bolster investment and stream procedures for investors, including restructuring the Supreme Council for Investment, which authorized 22 decisions to promote foreign direct investments (FDIs) and private investments in Egypt.

In February, Egypt and Emirati investors signed a historic deal to build a new multi-billion state-of-the-art city in Ras El-Hekma, including a massive urban, business and tourism centre, which allowed the country to deal with its steep foreign currency shortage.

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