The UAE is looking forward to boosting its investments in Egypt to $35 billion over the coming five years after investment reached $20 billion now, according to an official statement on May 28th, citing the Secretary-General of the UAE International Investors Council (UAEIIC) Jamal Saif Al Jarwan.
The Egyptian economy is flexible and attractive to investors, Al Jarwan said, stressing that foreign investments in Egypt are being supported under the supervision of President Abdel Fattah El-Sisi.
“Emirati investors will be your partners forever,” he said, noting that they will be partners in the new phase launched by the Egyptian government, which was recently announced by the Egyptian Prime Minister Mostafa Madbouly during the global press conference.
These comments were made on the sidelines of a meeting between Emirati investors and Madbouly during his visit to the UAE.
During the meeting, Emirati investors discussed the available investment opportunities in the gas sector in Egypt.
A representative of one of the UAE-based companies operating in Egypt revealed that his company has expansion plans in the North African country over the coming years in the oil, clean energy, and aluminum production fields.
Meanwhile, a representative of another Emirati company expressed his company’s interest in investing in the telecom sector in Egypt, particularly in the infrastructure and the expansion in the 4G and 5G services.
Another official unveiled his company’s plans to expand in the logistics sector in Egypt over the coming years through building and operating logistics centers across the country and introducing the 5G and artificial intelligence (AI) technologies to the sector.
For his part, a representative of an Emirati company working in the maritime navigation sector said that his company has a five-year plan to develop its fleet of containers in Egypt, in addition to, extending its footprint in the retail sector through the opening of 10 new stores.
Moreover, a representative of an Emirati aviation firm disclosed his company’s future plans to enter partnerships with Egyptian companies to implement projects in the field of ports.
For their part, the investors in the tourism sector have praised the Egyptian government for the provided support during the pandemic period, confirming their interest in increasing investment in Egypt over the next period.