UAE’s Diamond Group considers fresh investment opportunities in Egypt

The UAE company has already started its first project in the new administrative capital

  
Image used for illustrative purpose. A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

Image used for illustrative purpose. A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

CAIRO: Mohamed Abdel Wahab, CEO of the Egyptian General Authority for Investment and Free Zones (GAFI), discussed increasing investments in Egypt with Saleh Mohammed bin Nasra, owner of the Diamond Group, and Abdel Rahman Agamy, CEO of the Diamond Group and Sky Abu Dhabi Real Estate Development.

An official statement said that they presented promising investment opportunities in several sectors, and covered the facilities and measures taken by the Egyptian government to encourage foreign investment.

The meeting comes during Abdel Wahab’s tour of the Gulf region, where he is engaging with a number of major Emirati companies to discuss investment opportunities.

Nasra said the Diamond Group aimed “to contribute to the implementation of the state’s directives to achieve comprehensive urban development that accommodates the increase in population and contributes to the continued growth of the Egyptian economy.”

Agamy said that the group began taking steps to pump EGP 15 billion ($960 million) worth of investments into Egypt over the next two years.

Despite only announcing its entry into the Egyptian market two months ago, the UAE company has already started its first project in the new administrative capital with investments of EGP 4 billion.

Agamy said that the group is studying new opportunities and praised GAFI’s efforts in attracting foreign businesses to the country.

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