Mamdouh Abbas — the Chairperson of Intro Group for investments — revealed his company’s plan to float its subsidiary BariQ for Advanced Industries on the Egyptian Exchange (EGX) before the end of 2023.
He pointed out that he aims to make BariQ the pride of Egypt in Africa and the Middle East with the effort of promising youths and their innovative ideas, stressing the importance of the waste recycling sector to the Egyptian national economy.
Abbas added that he is looking forward to listing all his companies on the stock exchange. He pointed out that ADES Group for petroleum services will be listed on the Saudi stock exchange soon, and that some of its shares may also be listed on the EGX.
Furthermore, he believes that investments must take an unconventional path during this period, focusing on the professional waste recycling industry, and adopting innovative ideas for promising youths in Egypt.
He also pointed out that Egypt must keep pace with the development and diversification of investments, especially that traditional investments will begin to fade away, pointing out that the state is currently turning to green investment and diesel energy.
Additionally, Abbas revealed that his company launched a new project with DP World to increase the production rate from 35,000 to 100,000 livestock to provide meat locally, stressing the need to develop Egypt’s natural resources, including livestock.
He stressed that the expansion of this sector requires more investments, calling on Egyptian banks to focus on this sector in particular and the industrial sector in general, and to provide the necessary financing at a reasonable interest. Abbas pointing out that the sector could achieve new heights by providing quick financing, facilitating procedures, and offering low-interest rates.
On his vision of the Egyptian economy in 2022, he said that he is very optimistic but that it is necessary to focus on industrial development, explaining that real estate development is important, but industrial and agricultural development must be a top priority.
He also stressed that the Egyptian economy must address the problem of overpopulation, because it is the most prominent obstacle to the progress of the economy, and deterrent and decisive controls must be put in place to address this deadly crisis.