Minister Sahar Nasr with investors – Press Photo
CAIRO – 25 November 2018: Lebanese company M1 Group decided to enter the Egyptian market and to invest in service and industry sectors, Head of the group and Lebanon’s former Prime Minister Najib Mikati said.
This came during Mikati’s meeting with Minister of Investment and International Cooperation Sahar Nasr on the sidelines of the Egyptian-Lebanese Business Forum in Beirut, in the presence of Egypt's Ambassador to Beirut Nazih al-Najari, and Head of the Egyptian Commercial Office in Lebanon Mona Wahba.
He pointed out that the Egyptian and Lebanese sides need to develop more common relations for the benefit of the citizens of both countries, noting that Egypt is a very big market for Lebanon.
Mikati said his investments include various sectors such as telecommunications, gas, oil, real estate and banks.
Minister of Investment Nasr clarified in a statement that the Lebanese M1 Group is one of the largest investment groups in the services, communications and industry sectors. It invests in a number of companies in America and Europe and its investments amount to about $3 billion.
During the meeting, the minister reviewed the measures taken by the government to provide an attractive environment for investment and improve the business environment to promote the economy and achieve the desired growth rates through legislative reform, a pillar upon which the investment law and its executive regulations were based.
The minister pointed out that the investment climate in Egypt allows the Lebanese businessmen to further support the Egyptian economy through the injection of new investments, contributing to increasing Lebanese investments in Egypt.
Lebanon is the 22nd largest investor in Egypt, with Lebanese investments in Egypt reaching $670 million during 2018, through 1,645 companies investing in sectors of services, industry, construction, petroleum, tourism and agriculture.
Nasr presented the most important investment opportunities available in different sectors, especially in national and major projects, in addition to presenting the most important investment opportunities in the major projects in the governorates.
Nasr noted that all these opportunities were detailed on the Ministry's investment map and were being updated in cooperation with concerned ministries and governors.
Lebanese investors welcomed Egypt's recent legislative reforms that encourage them to pump more investments into Egypt.
The meeting was attended by Egyptian and Lebanese heads of the Joint Business Council Ahmed al- Sewedy and Rabea Hassouna, Chairman of the Board of Directors of the Investment Partners Company Waseem Hanina, Chairman of Aikopat Charles Khoury, and Vice Chairman of Lecico Engineering and architecture Fayez Makook.
Nasr said earlier that the total number of Lebanese companies investing in Egypt is about 1,645 companies with foreign direct investment of $671.8 million until the end of June 2018.