Mohamed Abdel Wahab, Executive Director of Egypt’s General Authority for Investment and Free Zones (GAFI), met on Monday Faisal bin Qassim Al Thani, President of the Qatari Businessmen Association, and a number of major Qatari companies, in order to open direct channels of communication with the Qatari business community.
The meeting aimed to review the latest developments in the investment environment in Egypt as a prelude to pumping new investments into the Egyptian market, and presenting a specific set of investment opportunities to the representatives of the association for study, and the selection of appropriate projects for each investor according to their priorities.
Abdel Wahab stressed that the authority is working according to a strategy aimed at attracting investments in a number of priority sectors, which cover the plans and directions of Qatari investments, foremost of which is the industrial sector, where Qatari businessmen were presented with the most important investment opportunities in the field of chemical and petrochemical industries, food processing, pharmaceuticals and infrastructure in addition to reviewing the preferential advantages offered by the various investment systems in Egypt, including free zones, investment zones, and the economic zone of the Suez Canal.
Abdel Wahab also indicated that a number of incentives and support for investment activities related to the green economy, artificial intelligence, innovation support and localization of the industry have been activated, as well as simplifying procedures and setting a specific time frame for the performance of services for investors.
He called on Qatari companies to visit Egypt during the month of September to see closely the development of the investment environment and the tremendous improvement in the infrastructure that serves investment purposes. It was also agreed that the Investment Authority would hold bilateral business meetings between the Egyptian and Qatari business community to implement projects that jointly benefit the two brotherly peoples.
For his part, Faisal bin Qassim Al Thani stressed the importance of cooperation between the two countries, praising the experience of economic reform implemented by Egypt over the past years, encouraging Qatari companies to study promising investment opportunities in Egypt, adding that the mutual economic opportunities between Qatar and Egypt to develop their cooperation in many and varied investment sectors, especially in the fields of agriculture, energy, tourism, food security and food industries, as well as investments in the water, communications and information technology sectors.
Abdel Wahab also met with Mansour Ibrahim Al Mahmoud, CEO of the Qatar Investment Authority, to discuss increasing Qatari investments in Egypt through the agency’s subsidiaries.
Abdel Wahab indicated that the Investment Authority is working to encourage all Qatari investments, in order to make the best use of the various investment opportunities that Egypt offers to investors, as well as to achieve a high return on Qatari investments that are targeted to attract them to Egypt.
He explained that Egypt has implemented many reforms that would provide an appropriate environment to attract more foreign direct investment, as well as provide various mechanisms to overcome any challenges that investors may face, pointing to the importance that the Egyptian government attaches to empowering the private sector and providing greater opportunities for its participation. development and job creation.
Abdel Wahab discussed the participation of the Qatar Investment Authority in a number of strategic projects, stressing the possibility of obtaining the golden license, which is a single license granted to strategic or national projects, which includes all construction and operating licenses.
The Qatari official expressed their desire to invest in new and renewable energy projects in Egypt, especially solar and wind energy plants, which are a priority for the agency at the present time, in addition to studying entering into investment partnerships with a number of Egyptian companies, which have achieved great successes locally and regionally, especially start-up companies.
The two sides agreed to continue coordination and joint cooperation during the coming period to exchange data related to investment opportunities that the Qatari apparatus is keen to study, intensify holding technical meetings with Qatari companies, and affirm the Investment Authority’s keenness to support these companies to start their activities in the Egyptian market.
Abdel Wahab also met with the Chairperson of Al-Faisal Holding Group to discuss ways to increase the group’s investments in Egypt through its subsidiaries, which amount to approximately $1.1bn and own several hotels and a real estate project in the Fifth Settlement area.
Abdel Wahab stressed the authority’s keenness to provide full support to the group to implement its expansion plans in Egypt, which include the establishment of several hotels in various governorates of Egypt, the establishment of an integrated medical complex, and the implementation of industrial projects in the field of feed industry.