UAE’s Al Habtoor mulls investment opportunities in Egypt
delegation from the National Bank of Egypt (NBE) briefed UAE’s Chairman of Al Habtoor Group Khalaf Ahmad Al Habtoor - Photo courtesy of habtoor official website

CAIRO: A delegation from the National Bank of Egypt (NBE) briefed UAE’s Chairman of Al Habtoor Group Khalaf Ahmad Al Habtoor about potential investment opportunities in Egypt during the delegation’s visit to Abu Dhabi, according to a Thursday statement by Al Habtoor Group.

The meeting of Al Habtoor with senior NBE officials tackled investments in Egypt and how the bank could assist.

“I would like to send a positive sign to foreign investors about Egypt…  If investors see a large-scale investment from the Al Habtoor Group, they will be further encouraged,” Al Habtoor said in the statement.

“I would like to encourage the Egyptian government to consider more investor-friendly rules to attract more foreign direct investment to Egypt, and help return the country to its former glory,” Al Habtoor added, noting that he was motivated to further invest in Cairo by the Egypt Economic Development Conference (EEDC) held in Sharm el-Sheikh in March.

On Monday, Al Habtoor also met with Mervat Ali Hataba, Chairman of Holding Company for Tourism, Hotels and Cinema (HOTAC) at the Al Habtoor Group head office.

Hataba informed him about potential opportunities and future collaboration. She also briefed him about land available for sale in Hurghada, one of the most popular tourist destinations in Egypt, Al Habtoor statement read.

During the EEDC, Egypt signed an agreement with the UAE to establish a new administrative capital, dubbed “Cairo Capital,” halfway between Cairo and the Suez Canal area at a total cost estimated at $45 billion.

Meanwhile, Gulf countries pledged a total of $12.5 billion in aid and investments to Cairo during the EEDC. Kuwait, Saudi Arabia, and the UAE each pledged $4 billion to Egypt. Oman pledged $500 million.

“The Arab world recently pledged billions of dollars, particularly the GCC, to help Egypt get back up on its feet. The Egyptian people have suffered enough in recent years,” Al Habtoor added.

He added that he would focus on investments in Cairo in hospitality industry, along with philanthropic endeavors, particularly education.  “I am collaborating with educational institutions in Egypt,” he said.

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