Hossam Heiba, President of the General Authority for Investment and Free Zones (GAFI), met a variety of investment organizations and Emirati companies on the sidelines of the Annual Investment Meeting (AIM) 2023 to look into potential investments in Egypt to broaden their current endeavors.
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 from a number 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, and Dubai FDI, where aspects of joint cooperation and investment opportunities in Egypt were discussed.
They additionally tackled means to strengthen joint economic collaboration with investors in the emirates of Ras Al Khaimah and Fujairah, as well as ways to put into effect cooperation through Egypt-UAE economic integration projects and oil storage projects.
Both sides agreed on organizing an Egyptian-Emirati forum, as well as a delegation from the Chamber and the free zone to visit Egypt in the near future.
Furthermore, the meeting also dealt with the representatives of the companies to identify their plans to invest in Egypt or their expansion plans.
However, the meetings witnessed a review of the most prominent developments in the investment climate in Egypt and the most important economic indicators, and the measures taken by the government to create 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, the initial public offering of government companies and state-owned companies in the Egyptian Stock Exchange, to stimulate 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.
