Ashraf AboArafe
* Ambassador Soha Gendi: We aim to promote investment opportunities and enhance the participation of Egyptians abroad in the government offering programme
* Executive Director of the Sovereign Fund: Multiple sectors, led by agriculture and food processing, are ready for the intervention of our investors abroad
Ambassador Soha Gendi, Minister of State for Immigration and Affairs of Egyptians Abroad, held a meeting via “video conference”, to learn about the proposals program presented by the Egyptian government, as well as the state’s exit plan from a large number of successful investment projects in Egypt, with the participation of Mr. Ayman Suleiman, Executive Director, Sovereign Fund of Egypt (SFE), Dr. Fakhry El-Feki, Chairman of the Parliament’s Plan and Budget Committee, and Ambassador Ahmed Shaheen, Consul of Egypt in Los Angeles, with the participation of a number of prominent Egyptian businessmen abroad, as part of a series of meetings held by the Ministry of Immigration to introduce Egyptian businessmen abroad to all investment opportunities. available in their home state.
For her part, Ambassador Soha Gendi, Minister of Immigration, stated that her invitation to hold a meeting that includes a group of prominent Egyptian businessmen and investors abroad, in addition to the participation of Mr. During the current period, and the most prominent of these opportunities is the proposals program launched by the Egyptian government this year, within the framework of the state ownership policy document, which seeks to open new horizons for foreign investments.
The Minister of Immigration indicated that this meeting, to introduce the capabilities of the sovereign fund, Egyptian proposals and investment opportunities, comes as part of a series of meetings that the Ministry of Immigration holds by default for Egyptian investors abroad to introduce the investment climate and investment opportunities. By offering many opportunities for direct investment, within the framework of the strategy of communicating with Egyptians abroad and providing investment opportunities in their country, and to know all forms of opportunities offered by the state, so that they have equal opportunities with foreign investors and Egyptian investors at home to benefit from the major and important projects that the state proposes in successful projects. In and outside the Egyptian market, making profits and not suffering any loss.
The Minister of Immigration affirmed that her keenness for our investors abroad to have a share in participating in the government offerings program comes in response to their constant desire to pump their investments into national projects that are being built on the land of Egypt, and to increase the base of their participation in development efforts, and this requires introducing the investment opportunities currently available as well as Promising economic sectors and areas of investment that are prepared for them and in which they can work directly.
The Minister of Immigration referred to the importance of the “Egyptians Abroad Investment Company” and the efforts being made by the members of the founding board of the company to define its fields of work and set specific frameworks for it, explaining that the Egyptians Abroad Conference to be held on July 31 will witness discussion of the details of this company. Her Excellency also asked to review all areas offered for investment to Egyptians abroad, and to provide them with the same opportunities and advantages for the Egyptian government’s exit, stressing the importance of sharing data for this investment opportunity to also contribute to promoting it abroad.
For his part, Mr. Ayman Suleiman, Executive Director of the Sovereign Fund of Egypt, gave a comprehensive presentation that included the fund’s plans to deal with the assets that were transferred to it, the mechanisms for the participation of the private sector and the companies to be listed on the Egyptian Stock Exchange, and the mechanisms for attracting them to the Egyptian market, as well as what was done in the offerings of 32 companies. State-owned for a full year, to strategic investors, or offered for public subscription on the Egyptian Stock Exchange, or both.
In the same context, the CEO of the Sovereign Fund of Egypt reviewed the investment opportunities offered by the fund and the economic sectors in which it works, stressing that the fund works on sectors based on the future outlook of the Egyptian economy and fast-growing sectors, in addition to its role in providing an opportunity for direct investment and creating investment opportunities with the sector. He added that the sectors that the fund works on were chosen according to three main axes, which are the ancient and modern Egyptian economy and promising investment opportunities.
Ayman Suleiman continued that the economic sectors of the fund include tourism, manufacturing, especially agricultural, pharmaceutical and technological manufacturing, infrastructure and “green hydrogen”, water desalination, logistics and services, the financial services sector and financial inclusion, and food and agriculture in general, with a focus on projects that have high efficiency. For the use of water, in addition to the sectors of food security, medicine, education, health care, trade, financial inclusion, and some other sectors that have manufacturing and export capabilities.
Suleiman pointed out that the agricultural and food industries sector is one of the most prominent sectors ready to be invested in during the current period through the Salhia Investment and Development Company, which is among the governmental proposals program that includes 32 state-owned companies, as the company owns about 21 thousand feddans, and produces all products. Agricultural and vegetables, in addition to raising poultry, dairy cows, and fattening calves, and about 70% of its products are exported, and the rest is sold in the local market in a number of governorates of the Republic, and it is an important opportunity for Egyptian investors abroad to invest in this important sector.
He added that there is a golden opportunity for Egyptian investors abroad to invest in the National Company for Natural Water Production and Bottling “Safi” affiliated to the National Service Projects Agency, which has promising opportunities for growth in the market.
Al-Masry, stressing the “flexibility” with regard to the percentage offered by the company or the time period for the offering, in addition to the tourism sector, which needs more investments to double the hotel rooms in line with the state’s plans to accommodate a larger number of tourists, as well as participation in some green projects in which the fund invests. Sovereign projects, including green hydrogen and water desalination projects.
Soliman added that the sovereign fund seeks to deal in general with institutions more than individuals, and therefore the investment company for Egyptians abroad will be the main body entrusted with dealing with the sovereign fund to represent Egyptians’ investments with many institutions in the country.
Dr. Fakhry al-Fiqi, head of the Parliament’s Plan and Budget Committee, said that the sovereign fund is able to attract more investment and foreign capital, and we must work to create a sixth tributary of foreign exchange for Egypt, which is represented in the investments of Egyptians abroad, and this needs to clarify and display investment opportunities and projects available for investment. In it, and to provide more facilities and incentives to our investors abroad, to encourage them to pump capital in their homeland, stressing the importance of the tourism sector, as it is based on exporting Egyptian services on Egyptian soil, and therefore investment opportunities in this important sector must be maximized.
Ambassador Ahmed Shaheen, Consul of Egypt in Los Angeles, stressed the importance of the role played by Ambassador Soha Gendy, Minister of Immigration, in inviting Egyptian investors abroad, especially in the states, to invest in Egypt, and her visit to California was a reason to persuade Egyptian businessmen to invest in Egypt. They just need to know the areas of investment currently available to overlap.
For his part, one of the Egyptian investors abroad in the field of health services in Canada, and an expert in the fields of artificial intelligence in the medical sector, expressed his desire to transfer part of his investments to Egypt, in the field of providing digital services in the medical field, along with many services in the field of Care for the elderly, care for patients with wounds and complementary surgeries, using artificial intelligence techniques, which enables the provision of diagnosis using digital technologies and treatment of diabetes diseases and what arises from them.
The CEO of a company for digital services and solutions confirmed that Egypt is promising in the areas of digital transformation, calling on the sovereign fund to create a technology center to facilitate investors wishing to cooperate with the fund. The implementation phases of the project to re-use the building, which include the establishment of a center for innovation and entrepreneurship, a French university, a center for arts and creative economy, and a number of three-star hotels to serve university students and young tourists in the downtown area.
A number of investors from the members of the “Nawah” group that established the “Egyptians Abroad for Investment” company spoke, stressing that the investment climate in Egypt is attractive to investments, and that we must strive and strive continuously and invest in our country in various fields, explaining that the Egyptians Abroad Investment Company is working to create a number of Features and incentives, in cooperation with the concerned authorities in Egypt, to be presented to Egyptian investors abroad, and to target specific sectors such as tourism, real estate and food production, provided that the company is in dollars and the returns are also in dollars, and this is a guarantee for investors. work in detail.
They indicated the possibility of discussing the conclusion of a partnership between the sovereign fund and the Egyptians Abroad Investment Company, to achieve mutual benefit from the investment opportunity, including the overlap in the Salhia Company, as it fits the fields of work of the Egyptians Abroad Company, in addition to the pharmaceutical and food industries.
Regarding a businessman’s question about Egypt’s opportunities to enter the field of green energy, Ayman Suleiman said that Egypt has distinct opportunities in the sectors of the green economy and hydrogen production, and it also provides all the guarantees required for clean energy projects, and the green ammonia production project from green hydrogen is the second investment. The fund in this field and the first huge project to be implemented in Egypt.
At the end of the meeting, Ambassador Soha Gendi, Minister of Immigration, affirmed the continuation of holding similar meetings for Egyptian investors abroad with agencies, institutions and various ministries that offer partnership products and put forward development projects to inform those wishing to invest in Egypt about developments, facilitations and participation mechanisms.
