$20 billion UAE investments in Egypt

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The Secretary-General of the Council of Emirati Investors Abroad, Jamal Al-Jarwan, revealed that "the value of Emirati investments in Egypt currently stands at $20 billion, and is expected to reach $35 billion over the next five years."

During a meeting held today in Abu Dhabi with an official delegation from the Arab Republic of Egypt headed by the Prime Minister and a number of ministers and senior officials in the Egyptian government, Al-Jarwan indicated that there is great interest from the private sector in the UAE to invest in Egypt because of its promising growth opportunities and huge projects. in various sectors.

On the Emirati side, a number of investors reviewed the problems they face in Egypt, as well as their ambitions to expand there.

They stressed that the biggest obstacles there are the slow procedures and licensing and the instability of the Egyptian pound exchange rate.

For his part, Egyptian Prime Minister Mostafa Madbouly said that Egypt plans to raise the percentage of the private sector's contribution to economic activities from 30% currently to 65% during the next three years, by offering projects worth 40 billion dollars over the next three years.

He pointed out that there are facilities in industrial lands for investors, the most important of which is the announcement soon of the price and value of this land in various new areas, pointing to the establishment of an office to solve investors' problems under his direct supervision.

He continued, "Egypt aspires to attract direct investments in specific sectors that have priority, such as energy, industry and agriculture, given the importance of cooperation and self-sufficiency imposed by the current circumstances."

The two sides reviewed opportunities for cooperation and overcoming the difficulties facing pumping more new investments in addition to the existing ones.

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