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Tuesday, 4 April 2017

Diplomacy + Foreign Trade on 4 April 2017

A delegation from the House Energy Committee is in Russia for several days to discuss bilateral cooperation, Ahram Gate reports. Rosatom had invited the MPs to visit the company’s headquarters in Russia.

Five UAE companies presented plans for new investments in Egypt to General Authority for Investment and Free Zones (GAFI) officials at Dubai’s Annual Investment Meeting, Al Masry Al Youm. Potential investors include Al Fahim Group, which wants to invest in car assembly and real estate development at the New Administrative Capital. Khodeir also met with Dubai Investment Development Agency officials to follow up on a signed MoU for training and expertise exchange to improve the investment climate.

TEDA Egypt signed two cooperation agreements yesterday with the Egyptian Businessmen’s Association and El Nasr for Housing & Development to increase investments in the Chinese industrial zone in Egypt, Al Borsa reports. The company is also in talks with Shandong Ruyi Group for a USD 500 mn textiles project in its industrial zone in Ain Sokhna, CEO Wei Jianqing said, according to the newspaper. China-Africa TEDA Investment Company signed a USD 30 mn agreement with Dayun Group to set up a motorcycle factory in the Ain Sokhna Industrial Zone, Al Mal reports.

This comes as Chinese investors will potentially invest in a USD 200 mn project in Rashid, Beheira, Ahram Gate reports. They are reportedly looking into building a shipyard and a petroleum product supply services area in partnership with Egyptian investors, Governor Nadia Abdo says. Abdo says the Egyptian partners are preparing feasibility studies as well as their land requirements for the projects. Abdo’s statement did not name the Chinese investors.

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