Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company

Daily News Egypt
5 Min Read

Egypt’s Minister of Emigration and Egyptian Expatriates’ Affairs, Soha Gendy, held a consultative meeting via video conference with members of the founding board of the “Egyptians Abroad for Investment” company and a number of Egyptian businessmen in Kuwait.

The meeting was attended by Fakhry Elfiky, Chair of the Planning and Budget Committee of Egypt’s House of Representatives; Saber Soliman, Assistant Minister of Emigration for Institutional Development; and Osama Shaltout, Egypt’s Ambassador to Kuwait.

Also present were members of the company’s founding board, including Ashraf Doss, a businessman in the United States and founder of California-based Vernbro Global Investments; Hassan Al-Jarrahi, chairperson of Al Amal Printing Factory in Saudi Arabia; Wael Hassan, a banking expert and former at JPMorgan Chase Bank in New York; and Omar Abdullah, CEO of Victoria Agritech Solutions in South Africa.

Gendy emphasized the importance of the Egyptians Abroad for Investment company, considering it a national project and one of the most important demands of Egyptians abroad. She also mentioned the meetings and discussions held with ministers and officials of relevant authorities to discuss promising investment opportunities in Egypt, as well as the meetings with many Egyptian investors abroad to review the idea of establishing this company. Several proposals and visions were presented in this regard.

Gendy added that the Egyptians Abroad for Investment Company will be managed entirely by Egyptians abroad, as they possess significant expertise in the fields of finance and business and manage successful international companies in the Egyptian market.

“We are moving towards the implementation steps that will be taken to actually start establishing this company, its mechanisms, and the sectors it will operate in, including industrial, agricultural, technological, real estate, and commercial investments,” she stated.

She further explained that the Egyptian government has taken numerous measures to facilitate investment for Egyptian and foreign investors, referring to the meeting of the Supreme Investment Council chaired by President Abdel Fattah Al-Sisi, which issued decisions to attract more investments and enable the private sector.

In the same context, Elfiky expressed his appreciation for the expertise and distinguished Egyptian investors in various fields, praising their national motivation. He pointed out that the Egyptian economy is strong and the government has prepared an executive plan for the decisions of the Supreme Investment Council to improve the investment climate in Egypt, which will certainly attract more investors in various fields.

Doss praised the cooperation of all relevant parties in establishing the company, stressing that the goal of establishing the company is primarily national, but it should also be a profitable investment. He explained that the Egyptians Abroad for Investment Company will be a joint-stock company operating in various fields, such as agriculture, and tourism investments, such as building 4-star hotels, as well as industrial sectors. He emphasized his commitment to expanding his investments in Egypt despite the global economic crisis, expressing his belief in the strength and resilience of the Egyptian economy.

Al-Jarrahi highlighted the collaboration between the Ministry of Migration and Egyptians living abroad in overcoming any hurdles in setting up the company. He also proposed the idea of establishing a year-round exhibition for Egyptian factories.

Moreover, Hassan stated that Egypt is a promising market with outstanding competitive advantages. He explained that we have a skilled workforce and good resources that can be invested in and maximize our foreign currency reserves, in addition to providing job opportunities for young people. He commended the infrastructure development in Egypt over the past decade, which is one of the tools for attracting investments, along with the cost of raw materials, which are among the cheapest globally.

Egypt’s Ambassador to Kuwait expressed his sincere appreciation to the minister for her efforts in supporting Egyptians abroad and her fruitful initiatives, especially the initiative of Egyptian cars abroad, which has received positive feedback from Egyptian communities around the world.

The Egyptian businessmen in Kuwait who participated in the meeting expressed their appreciation for the Ministry of Emigration’s interest in Egyptian investors residing abroad, affirming that the state has made great efforts to improve the investment climate and establish a conducive environment.

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