Egyptian President Abdel Fattah said he welcomed Adani Group’s interest in investing in Egypt, asserting Cairo’s readiness to extend all necessary support to the group and its future projects especially the cooperation with Egypt’s Sovereign Fund in the newly established modern harbors on the Mediterranean, the Red Sea, and the Suez Gulf.
This came during Sisi’s meeting with Adani Group Founder Chairman Gautam Adani, the world’s third richest person, in his residence in New Delhi.
According to Presidential Spokesman Bassam Radi, Adani expressed his honor at a meeting with President Sisi and stated that his group was looking to expand its cooperation with Egypt in light of the strong will and supportive political decision of Egypt’s highest ranks with the goal of bolstering development and amid the enticing and stable investment climate that Egypt is enjoying in the Middle East region.
Adani said that his group’s interest in cooperating with Egypt complies with its policy of international expansion as the group is currently assessing many attractive investment opportunities in emerging markets that are friendly with India.
Adani Group is a Gujarat-based Indian conglomerate with a market capitalization of approximately dlrs 260 billion (as of September 19, 2022). It consists of seven publicly traded companies with operations in energy, ports and logistics, mining and resources, gas, defense and aerospace, and airports.
Adani’s Chairman asserted that his group is intending to establish partnerships with Egypt’s Sovereign Fund in view of its diversified activities and resilience.