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Wednesday, 8 June 2022

Qatari companies are looking to pour investments into Egypt

Qatari companies have an appetite for Egyptian investments: A number of Qatari companies have expressed interest in investing in Egypt during meetings with GAFI head Mohamed Abdel Wahab, who is on a multi-day visit to Doha to pitch Egypt as an attractive investment destination, according to a cabinet statement out yesterday. Qatar has committed to invest USD 5 bn in Egypt to support the economy as it grapples with the impact of surging commodity prices and rising interest rates.

Two of the MENA region’s biggest real estate developers may want in:

  • Ezdan Holding wants to establish a number of hotels in Egypt and enter the financial services sector, founder Sheikh Thani Bin Abdullah Al Thani told Abdel Wahab. A delegation from the company will soon make its way to Egypt to study the market and locate potential areas for investment.
  • The CEO of Qatari Diar discussed the possibility of expanding the company’s footprint in Egypt. The real estate firm has finally launched the EGP 1 bn first phase of its CityGate development, after the New Urban Communities Authority (NUCA) approved the company’s license to continue work on the project following a four-year dispute.

Juhayna’s new shareholder could expand into new sectors: Power International Holding (PIH) — which operates in general contracting, agriculture and food industries, and real estate — is interested in investing in our healthcare, agriculture, tourism and retail sectors, Chairman Ramez Al Khayat told Abdel Wahab. The holding company has in recent months built up a 10.14% stake in EGX-listed dairy company Juhayna via its dairy subsidiary Baladna.

Also interested:

  • Alfardan Group, whose portfolio spans financial services, property, hospitality, investments, marine services and healthcare, could set up a hotel;
  • Cooling services provider Qatar Cool is looking to establish a central cooling project in the new administrative capital;
  • Just Real Estate is studying the establishment of a company to export gas and produce electricity and a project to recycle waste.

Qatari investors also have an eye on our green projects: The head of the Qatar Investment Authority said Qatari investors want to invest in local new and renewable energy projects, especially solar and wind.

Qatar is just the latest country we’ve pitched to: Officials have held meetings with investors from the UAE, the US, France, and Poland in recent weeks in a bid to drum up interest in the government’s infrastructure plans and draw new foreign direct investment.

OTHER INVESTMENT NEWS-

Pfizer could invest in R&D in Egypt under a MoU the company will sign with the government, Hapi Journal reported, quoting Pfizer country manager Yousri Nawar. The agreement will also cover tech transfer.

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