Local players have set up an alliance — dubbed the Arab Alliance for Industrial Development — to expand across the Arab world, alliance head Mohamed El Bahy told EnterpriseAM. The alliance aims to implement over USD 1 tn worth of investments in the near future.

As things stand: The alliance is expected to finalize its official registration this week. Once that step is completed, the alliance will start setting up investment arms in four Arab countries, El Bahy said.

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A look inside the alliance: The alliance includes some industry heavyweights, like EmdadSteel Industries, Elshark, Kandil Steel, Al Ain Salines, Egypt Casting, Petra Real Estate, and Premium Healthcare Group.

Phase 1.0: The alliance has already raised USD 250 mn, which will help it expand across the Libyan, Iraqi, and Omani markets, and contribute to reconstruction efforts in Gaza. The alliance will target the Syrian and Lebanese markets at a later stage.

Alliance companies are no strangers to Arab markets — they currently hold USD 550 bn in investments in the Iraqi market, as well as a “huge volume” of investments in the Libyan market, El Bahy said.

So why join the alliance? The alliance will set up regional offices, which will facilitate market entry and exit, reduce the time required for security approvals in certain countries, and streamline official procedures. It will also promote Egyptian products, manage export transactions, handle customs clearance, and process financial transfers through official channels.

That’s not all: The alliance will set up an online platform that will serve as a permanent virtual exhibition, showcasing Egyptian products and highlighting available contracting prospects.

It is currently in discussions with European banks and institutions to secure funding for various development projects. It aims to utilize this FX capital to accelerate project implementation.

Local companies are working to increase their reach across Africa as well: Earlier this year, Al Borsa reported that six local companies formed the Egyptian Industrial Export Hub to expand into Kenya, Nigeria, Ghana.

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