According to an official statement citing the Secretary General of the UAE International Investors Council (UAEIIC), Jamal Saif Al Jarwan, the UAE intends to increase investments in Egypt to USD 35 bn in the next five years, after investments in the region touched USD 20 bn currently.
Al Jarwan said that the Egyptian economy is attractive to investors and flexible while emphasizing that foreign investments in the country are strongly supported under the supervision of President Fattah El-Sisi.
He added that Emirati investors will be Egypt’s partners forever, stating that the UAE will be partners with Egypt in the new phase launched by the Egyptian government, which Prime Minister Mostafa Madbouly announced during a global press conference.
The statements were made during Madbouly’s recent visit to the UAE, on the sidelines of a meeting between the Prime Minister and UAE investors.
Emirati investors also discussed the investment opportunities in the gas sector in the country during the meeting with Madbouly.
Egypt to attract Emirati investments across sectors
One representative of a UAE-based company operating in the country stated that his company had expansion plans in the country in oil, clean energy, and aluminum production fields over the years to come.
Another representative of an Emirati company stated that his company was interested in investing in the telecom sector in the region, particularly in the expansion of 4G and 5G services and infrastructure.
A company official revealed plans to build and operate logistics centers across the country and introduce 5G and Artificial Intelligence technologies to the sector in forthcoming years.
A representative of an Emirati maritime navigation company revealed that his company planned to develop its container fleet in the NOrth African country, in addition to opening 10 retail stores in an effort to increase its footprint in the country’s retail industry.
In addition to these plans, an Emirati aviation firm unveiled its future plans to implement port projects in partnership with Egyptian companies.
Meanwhile, investors in the tourism sector in Egypt praised the government for the support provided during the pandemic and confirmed their interest in increasing investments in the country in the future.