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Thursday, 12 December 2019

UAE plans to double its investments in Egypt over the next five years

INVESTMENT WATCH- The UAE plans to double investment in Egypt over the next five years: Jamal Al-Jarwan, secretary general of the UAE International Investors Council, said that the country aims to double its investments in Egypt from USD 7.2 bn currently to USD 14 bn over the next five years, according to a cabinet statement.

More Emirati companies eyeing Egypt? This comes as Emirati companies have previously announced USD 2.5 bn of investments, including USD 1 bn Al Khaleej Sugar Company will plough into its Al Canal sugar factory and Lulu Market Group’s USD 500 mn planned investment in the retail sector, UAE Undersecretary for Foreign Trade Abdullah Al Saleh said during an Egyptian-Emirati investment forum in the new capital yesterday, according to the local press. The Sisi administration and the Emirates also recently announced a framework agreement for a USD 20 bn joint investment platform that will see Egypt’s sovereign wealth fund partner with the Abu Dhabi Development Corporation on high-impact opportunities.

Al Saleh also said Majid Al Futtaim is planning to invest an additional USD 1 bn in Egypt, but did not specify a timeline. CEO Alain Bejjani previously said that the company planned to invest EGP 16 bn over the next 2-3 years, which would bring the company’s total investments in Egypt to EGP 44 bn.

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