Back to the complete issue
Sunday, 5 June 2022

Al Futtaim could invest up to USD 1 bn more in Egypt by 2025

Al Futtaim could invest up to USD 1 bn in Egypt: Emirati conglomerate Al Futtaim Group is looking to invest between USD 700 mn and USD 1 bn in the Egyptian market over the next three years, CEO Omar Abdullah Al Futtaim told Prime Minister Moustafa Madbouly in a meeting Thursday, according to a cabinet statement.

Al Futtaim says his group is serving as a pathfinder for foreign investors looking to come here: Al Futtaim Group is looking to partner with global firms in Egypt and is working with the Madbouly government to convince more of its international partners to invest here — particularly in our industrial sector, Al Futtaim said. He said he was optimistic about the new partnership with the UAE and Jordan that is set to channel finance into new large-scale industrial projects, under which Abu Dhabi sovereign wealth fund ADQ will invest USD 10 bn.

Privatization strategy coming soon: The government is still discussing the details of its state ownership policy and will publish the final document soon, Madbouly said. Under plans to attract USD 40 bn in fresh investment over the next four years, the state is putting together a roadmap to withdraw from certain sectors of the economy and sell stakes in state-owned firms to private companies. It was originally due to publish the final policy document at the end of May.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.