By Mostafa Fahmy
Emirates-based Ahmed Khalaf Al-Mazroui Group is aiming to supply investments to the Egyptian market in health, housing, and Suez Canal projects.
Chairman Ahmed Al-Mazroui said that the group had previously planned to enter the Egyptian market, but the instability witnessed by Egypt prevented this from happening. He said that he is happy to enter the Egyptian market after learning about the opportunities available.
“The problems experienced by Egypt after the 25 January Revolution greatly damaged Emirati investments and investors were harmed financially. They then backed away from their investments for five years, prompting businessmen who had a desire to invest in Egypt to defer their investments until the situation stabilised,” he said.
Al-Mazroui stressed that the situation has now settled in Egypt, but that investment regulation laws are not yet in place. He requested that the Egyptian government promptly enact the new investment law or amend the current one. He also asked that the government provide facilitations for foreign companies in general as well as to Emirati and Gulf companies in particular to ensure to the flow of capital in various fields.
“The Gulf desire to invest in Egypt is there and the Gulf support for their sister state is clear, but the Egyptian government has not yet presented a list of projects that would invite us to invest,” he added. “We are now waiting to become acquainted with opportunities that generate returns and profits and we will study them immediately and take decisions on entering the Egyptian market.”
He added that the Egyptian market is one the best markets in the region at this time in light of the deteriorating situation in Libya, Yemen, Syria, Iraq, and instability in Sudan. Egypt also has major investment opportunities in infrastructure, housing, utilities, and health projects. Taking advantage of those opportunities, however, is linked to the formulation of laws that protect the investor and do not expose him to lawsuit disputes as what had happened in recent times.
He added that the Egyptian market is hungry for investment and it is time for Arab investors to unite to advance the Egyptian economy and take advantage of opportunities, especially in light of increasing demand when compared to neighbouring markets.