CAIRO: A promotional video encouraging businesspersons to come and inject their investments in Egypt has made the rounds on social media ahead of a long-awaited economic summit due to be held in Egypt March 13-15.
In the video titled “Invest in Egypt,” a number of Egyptian, Arab and foreign businessmen discussed Egypt’s diversified investment opportunities, high investment rate of return, and strategic proximity to global markets.
“This is the right time to come because Egypt is stable and back and ready to receive investments,” said Egyptian business Tycoon Naguib Sawiris, the Chairman and CEO of Orascom Telecom. The prominent businessman recently announced he acquired 53 percent of Euronews and sold his stake in Mobinil; an Egyptian mobile service company.
“There are a lot of opportunities in Egypt mainly in the mining, industrial, cultural and transportation sectors,” Sawiris added in the video.
Patrik Allaman Ward, CEO of UAE-based Dana Gas Company, said “It is a privilege for us to be playing a part in the development of the Egyptian economy and providing employment and energy for the Egyptian people.”
“Fabulous location…incredible human resources, good government policies; I think the rest is just for us to work hard and find opportunities and dedicate ourselves.. and to enjoy success with one of the most important economies in the world,” said Mohamed Alabbar, Chairman Emaar Properties PJSC based in UAE.
Other investors spoke about new facilities and regulations adopted by the government to ease investments in the country.
The video was posted March 4 by the Egypt The Future; a Youtube channel for the Egypt Economic Development Conference.
Within the coming days, President Abdel Fatah al-Sisi is expected to ratify a unified investment law, which was adopted by the Cabinet Wednesday.
The law includes amendments over micro industries, mining and local product priority legislation.
In his speeches, Sisi has repeatedly reassured investors that Egypt is adopting a strategy to facilitate investment procedures, and that the government has managed to solve a number of the hurdles that existed before and “gave a bad impression.”
An estimated 1,100 investors have so far confirmed their participation at the economic summit, which will be hosted in the tourist city of Sharm el-Sheikh, in South Sinai governorate.
The government is targeting investments ranging between $10-15 billion from the economic summit over the next two years.