A virtual sit down with international investors: Prime Minister Moustafa Madbouly and several high-level government officials on Thursday held a virtual meeting with over 200 international investors, representing 110 companies, according to a cabinet statement. The conversation centered around the local investment environment and gave investors the chance to ask questions.

International representation: While the meeting saw investors of various nationalities, Gulf investors dominated the meeting. Some 59 Emirati investors and 37 Saudi investors were in attendance. Investors from the US, UK, and South Africa were also present.

Also in attendance: Led by Madbouly, the meeting was attended by Vice Minister of Finance Ahmed Kouchouk, CBE Deputy Governor Rami Aboul Naga, and EFG Holding Group CEO Karim Awad.

Smart policy: The government is working to attract more investors into the local market by being more transparent, adopting clear economic policies, and building a stable legislative framework, Madbouly told the investors. This includes providing fresh investments for investors, backed by smart tax and financial policies.

What kind of investments? Madbouly points to industry, agriculture, ICT, and tourism as the main sectors under the government’s radar over the coming period.

More to come: The state will promote a list of “attractive investments” to Arab and foreign investors during the upcoming EU-Egypt Investment Conference, kicking off on 29 June.

ALSO FROM MADBOULY-

When can we see the entirety of Ras El Hekma’s investments? The USD 150 bn of investments expected to be attracted as Ras El Hekma is built out will come at a rate of USD 3-4 bn per year, Madbouly said. By our math, this means we should see the total amount come in after 37 to 50 years.

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