|13 December, 2019

UAEIIC plans to double Emirates investments in Egypt to $14bln

Egypt is the most promising market in the Middle East region and can absorb the giant UAE businesses: official

Image used for illustrative purpose. Cairo Skyline along Nile River. The bridge, the Nile river & the Corniche Street in central Cairo.

Image used for illustrative purpose. Cairo Skyline along Nile River. The bridge, the Nile river & the Corniche Street in central Cairo.

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The UAE International Investors Council (UAEIIC) aims to double the Emirates investments in Egypt to $14bn during the next five years, compared to $7.2bn currently, in light of the opportunities’ richness of the Egyptian market and great potential for many economic sectors, Jamal Saif Al Jarwan, Secretary-General of the UAEIIC, said.

“Egypt is the most promising market in the Middle East region and can absorb the giant UAE businesses,” Al Jarwan asserted over a statement of Egypt’s Ministry of Investment and International Cooperation (MIIC) on Wednesday.

“Egypt is the best country to invest in, as investors can achieve  great returns,” Al Jarwan said, calling on the Emirates investors to conduct studies on available investment opportunities in the Egyptian market, specially at the New Administrative Capital (NAC) in light of government’s new incentives to attract more investors to the country.

Egypt-UAE forum for trade, investment that was organised on Wednesday, is the biggest forum ever held between both countries due to the intensive presence of business and governmental participants, Al Jarwan noted.

Moreover, MIIC organised a field visit for an Emirates business delegation to NAC to closely identify  investment opportunities, said the statement, noting that the visit included Parliament’s new campus, Al-Fattah Al-Alim Mosque, one of the largest mosques in the Arab region, which can accommodate 7000  worshipers, and the Cathedral of the Nativity of Christ, the largest cathedral in the Middle East, with a capacity of 8000 worshipers. 

“NAC enjoys promising investment opportunities. There are many success stories of UAE companies in Egypt,” Minister of MIIC Sahar Nasr said, stressing her keenness to increase Emirati investments, which amounted to $7.2bn through 1165 companies in various fields, including real estate, tourism, entertainment, oil, energy, food, agriculture, and information and communication technology.

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