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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.

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