Minister of State for Immigration and Egyptian Expatriates’ Affairs Soha El Gendi met with major Egyptian investors in the UAE, in the presence of Ambassador Ashraf El-Deeb, Consul General of Egypt in Dubai; Ambassador Amr Abbas, Assistant Minister of Immigration for Community Affairs; and a number of representatives of Egyptian state-run banks.
During the meeting, the participants, including representatives of banks, reviewed with investors the aspect of financing in the field of investment, and the mechanisms for obtaining shares in projects with bank financing, managed by the investors themselves. Representatives of national banks also reviewed opportunities to support investors and facilitate the participation of investors in successful and already existing projects, in cooperation with the authorities.
El Gendi reviewed the developments related to the Ministry of Immigration’s facilitation of the project to establish the investment company for Egyptians abroad, in addition to the various investment opportunities available in Egypt, the favourable investment climate, the incentives granted, and the priority areas for Egypt, especially the industrialization and production fields.
She reviewed what was dealt with during the third entity’s conference regarding the investment axis, whether developing savings or opening investment fields, and issued their requests to establish an investment company for Egyptians abroad, to invest in their savings in the home country.
The Minister of Immigration said that an opinion survey was carried out for a sample of Egyptians abroad, and real estate and agricultural investment topped their interests, as well as fish farming, land reclamation, animal production, and then industrial production, followed by a variety of interests related to investment in health, education and tourism.
She indicated that the Ministry of Immigration offered investment opportunities to Egyptians abroad, in accordance with the government’s sustainable development strategy on the part of the General Investment Authority, the investment map in Egypt, and the projects provided by the Ministries of Agriculture and the Public Enterprises of projects that can be implemented immediately and the tourism strategy for investment and promotion, all of which include highly distinguished investment opportunities. It is ready to be implemented with distinguished facilities in a variety of fields, and the Minister of Immigration presented all these ideas and projects to the Egyptian investors in the UAE.
The Minister of Immigration said that a working group will be formed from the concerned authorities, in addition to the willing investors, to work on completing the establishment of the company, stressing that one of the state’s priorities is to invest in the productive side and establish factories, especially in light of the unprecedented challenges the world is going through that emerged after the Covid 19 crisis then the Russian-Ukrainian war showed that there is no alternative to increasing local investments and localizing industries.
For their part, the investors demanded the necessity of having preliminary feasibility studies on the proposed projects so that the investor can discuss the extent of benefit, in addition to coordinating the management of the company and establishing an independent entity.
The investors participating in the meeting indicated their desire to offer the available opportunities to participate in already existing companies that have been restructured and have achieved stability and attractive returns for investors, or that their shares be offered to Egyptians abroad on the Egyptian Exchange.
The Minister of Immigration stated that the door is open for investors to participate in existing projects, which have proven to be a distinguished success, stressing that partnerships are the way to improve the investment environment, and conveyed to them the government’s keenness to strengthen the role of the private sector and facilitate the procedures for starting serious investments.
She indicated that facilities were provided to investors to establish tourist hotels within the framework of the state’s plan to increase the number of hotel rooms for various levels between the high and medium categories.
The Minister of Immigration reviewed the role of young researchers, linking scientific research with industry, and what they presented during the Cop27 Climate Summit. She also discussed the electronic application being implemented in cooperation with the Ministry of Communications, including an integrated link for Egyptians abroad and all the incentives, facilities and services provided to them.
During the meeting, investors demanded the allocation of a fund of ideas and suggestions, linked to various means of communication, and the minister pledged to add them to the application being implemented, in addition to studying the proposal to allocate a “pension fund for workers abroad” similar to the implementation in a number of countries, in addition to allocating continuous activities with programs to enhance the Egyptian identity of the second and third generations, and allocating an agenda with activities to be announced, including remote activities, visits and tours to the most important tourist attractions, to ensure the continuation of the connection of new generations with the homeland, its traditions and culture.
The participating investors explained the importance of promoting industrial projects in the medical field, and striving to achieve steps towards medical sufficiency in a number of specialized fields, especially at a time when the world is suffering from the spread of viruses and epidemics, and as a guaranteed investment to meet Egypt’s needs and as a gateway to access to Africa, and the minister reviewed the unprecedented achievement of establishing The “City of Medicine” and its great capabilities in meeting pharmaceutical and manufacturing needs are of the highest level in the world.