Gulf delegations looking for investment opportunities in Egypt

Egypt received official delegations from Gulf countries to discuss pumping new investments into the local market in various economic activities, a few days after international institutions announced their intention to pump investments into Egypt to support the Egyptian economy to confront the repercussions of the war in Gaza and stop illegal immigration to Europe. 

At a time, Egyptian businessmen confirmed that this demand is linked to political considerations, especially after Egypt’s strong position during the war in Gaza, in addition to the decline in the value of the pound against the dollar, which made Egyptian assets attractive.

Saudi Arabia

Saudi Arabia began the visits of Gulf delegations to Egypt, with a delegation headed by Majid Al-Qasabi, Saudi Minister of Commerce, and accompanied by 91 Saudi businessmen. Local media reported that one of the Fawaz Al Hokair Group companies intends to pump investments worth $1.5 billion into the energy, infrastructure, and real estate sectors during the year 2024, in addition to the investment of one of the Bin Laden Group companies in the real estate sector. This was followed by a visit by a Qatari delegation, headed by Lulwah Al Khater, Minister of International Cooperation, to discuss increasing investments between the two countries.

Bahrain

A Bahraini delegation, headed by Salman bin Khalifa Al Khalifa, Minister of Finance and Economy, also visited Egypt, who announced his country’s intention to double the volume of trade with Egypt to one billion dollars annually, and to invest Bahraini companies in the aluminum industry, tourism, communications, post, and the banking sector.

The Bahraini Minister of Finance and National Economy said, “The promising investment opportunities available in Egypt compete with the best investment opportunities available in the world in terms of investment returns and values, and Egypt has commercial, logistical, and tourism opportunities that will affect the movement of the global economy.”

Oman

An Omani delegation, headed by Qais bin Muhammad Musa Al-Yousef, Minister of Trade, Industry and Investment Promotion, conducted the meeting. An official statement from the Ministry of Planning said that discussions took place about establishing an Egyptian-Omani fund into which money would be pumped into a number of specific fields, such as agricultural industries, food manufacturing, and medicines.

Muharram Hilal, head of the Egyptian Federation of Investors’ Associations, said that there is a noticeable demand from Gulf companies to search for investment opportunities in the local market, to support the national economy, which is facing Western pressure to accept the settlement of Palestinians in Sinai, but the political and popular leadership rejected the displacement plan, and confronted any attempts to neglect it. In part of the homeland.

During a press conference held by Egyptian President Abdel Fattah El-Sisi, on Friday, with the prime ministers of Belgium and Spain, El-Sisi reiterated his rejection of the forced displacement of Palestinians outside the Gaza Strip, explaining the difference between Egypt hosting 9 million refugees from the countries of Sudan, Syria, Yemen and Libya due to security problems in their countries, while He considered that the forced displacement of Palestinians would lead to the liquidation of the issue.

The volume of foreign direct investment in Egypt exceeded more than $10 billion during the fiscal year 2022/2023, with a growth rate of 12%, according to data from the Central Bank of Egypt.