Investments
Egypt has experienced significant economic challenges due to COVID-19, the Russia-Ukraine war, and the global austerity measures since 2020. Despite these difficulties, Egypt has been making ongoing efforts to overcome them. In particular, they have been actively promoting foreign investment and striving to make Egypt an attractive investment destination, the statement said.
Egyptian President Abdel Fattah El-Sisi instructed the government to prepare an integrated package of incentives, exemptions and facilities in a number of industrial and logistical zones in Egypt to encourage transit trade and manufacturing, export and re-export operations.
During the meeting, the two sides underscored mutual commitment to further strengthening bilateral relations in various fields. They also valued the close bilateral relations and historical friendship between the Egyptian and Russian peoples.
This came in a report issued by the Central Bank of Egypt (CBE) on Wednesday.
Saudi Arabia topped the investments of Arab countries with investments of $1.301 billion at the end of the first quarter of the current fiscal year, compared to $134.3 million during the comparative period.
The Minister of Petroleum noted that the two countries established the Egyptian-Kuwaiti Cooperation Council in 2014, with the aim of enhancing means of economic cooperation and seeking greater cooperation in the field of economy and investment.
Speaking during a meeting with chairman of the Suez Canal Economic Zone (SCZone) Walid Gamaleddin, Liu said he has been working in Egypt for about 15 years now and considers it his second homeland.
The agreements include an agreement for the Egyptian General Petroleum Co (EGPC) with Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) to search in the south of Ras Qattara in the Western Desert.
McMonigle expected that the world will face fluctuations and a significant rise in energy prices.
Egypt is carrying out different development projects that provide distinguished investment opportunities in promising sectors, Maait added.
Those investments are divided into $10 billion for energy sector projects to implement plants generating 10 GW of renewable energy, and $1.35 billion directed to water sector projects, in addition to $3.35 billion for food security projects.
These offers are being studied at the present time, stressing that the government aims for the participation of the private sector.
This aim will raise the volume of the company's investments exceeding $220 million in the textile industry, and the number of job opportunities provided by the company rises to 12,000 direct job opportunities as well as indirect opportunities, Sanakya elaborated.
These projects come within the the nexus of water, food and energy (NWFE) Program.
The minister's remarks were made during her meeting with a delegation of the Qatar Businessmen Association (QBA), chaired by Sheikh Faisal bin Qassim Al Thani in the presence of Head of the Federation of Egyptian Industries (FEI) Mohamed El Sweidi.
According to this license, investors will obtain a state’s single approval that enables them to buy/rent lands, operate, and manage the projects. The license could be extended for additional three months in case of achieving progress.
This came during the celebrations of the 50th anniversary of the establishment of Egyptian-Emirati relations, organized by the two governments.
Toud pointed out that there are about 1,390 Emirati companies investing in Egypt.
President Abdel Fattah al-Sisi met asked new Central Bank Governor Hassan Abdullah on Sunday to form fresh initiatives attracting foreign investments to Egypt soon.
The Cabinet's Information and Decision Support Center (IDSC) said that Egypt is the first investment destination for Arab sovereign funds in 2022, foremost among which are the Saudi and Emirati investments.
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