President of General Authority for Investment and Free Zones (GAFI) Hossam Heiba has met with several investment organizations and Emirati companies to discuss investment opportunities in Egypt, or expand their current investments, on the sidelines of the Annual Investment Meeting (AIM) 2023.
The AIM was held under the auspices of Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, during the period from 8 to 10 May, 2023.
Heiba met with representatives of a group of official companies, agencies and organizations, including AAFCO, OAcis Services Company, Abu Dhabi Capital Group, Aqua Fun Company, Ras Al Khaimah Chamber of Commerce and Industry, Fujairah Free Zone, Chalhoub Group, Al Rabie Company, WIPA UNCTAD, World Economic Forum, Moscow Agency of Innovations, Dubai FDI, where during those meetings aspects of joint cooperation were discussed and investment opportunities in Egypt were discussed. They further discussed ways to enhance joint economic cooperation with investors in the emirates of Ras Al Khaimah and Fujairah and to activate cooperation through economic integration projects between Egypt and the UAE and oil storage projects.
The two sides agreed to organize an Egyptian-Emirati forum, as well as a visit of a delegation from the Chamber and the free zone to Egypt during the coming period.
The meeting also dealt with the representatives of the companies to identify their plans to invest in Egypt or their expansion plans.
The meetings witnessed a review of the most prominent developments in investment climate in Egypt and the most important economic indicators, and the measures taken by the government with the aim of creating a business environment in Egypt, namely the establishment of the golden license unit to grant the golden license to companies that establish strategic or national projects that contribute to achieving development.
Besides, the development of infrastructure, as Egypt witnessed during the last period an unprecedented boom in the field of infrastructure, which was prepared to receive huge and diversified investments in a sustainable manner, in addition to the approval of the state ownership document, which aims to establish a clear and specific regulatory framework to enhance the participation of private sector. Moreover, initial public offering of government companies and state-owned companies in the Egyptian Stock Exchange, with the aim of stimulating capital markets. Heiba emphasized the government’s interest in resolving challenges related to the exchange rate and transferring profits abroad along with the establishment of a unit in the Egyptian cabinet whose mission is to work to quickly solve challenges facing investors.