Soha Gendy, Minister of Immigration and Egyptian Expatriates Affairs, disclosed the specifics of the new investment firm, which would involve Egyptian expatriates and have roughly one billion dollars of capital.
The firm will be known as the “Egyptians Abroad Company for Investment and Development,” she clarified on Saturday. Zilla Capital Investments Company has been selected to oversee the company’s financial holdings.
It is anticipated that this new business will engage in a wide range of initiatives and business ventures, such as clean energy, natural resources, marble, education, imports and exports, and new forms of renewable energy.
The minister claims that this new business will also make investments in a variety of commercial and agricultural fields, as well as in human resources, travel, and lodging.
She gave her word that the government would be willing to provide the business and its initiatives with all the incentives they need to draw in and improve foreign exchange domestically.
According to her, this company is here to fulfill a demand made by expatriate Egyptians during the fourth expatriate conference.
The minister went on to say that this new business was registered with the General Investment Authority and that its goal is to serve as a hub for the 14 million Egyptian residents who work overseas as investors.
Gendy affirmed that the business would receive the manufacture of electronics, logistical infrastructure, and tax benefits.
At the end of this year, the company will launch, beginning with active promotion and actual investment infusion.
