Qatari Group Plans to Invest Over $60 Million in Egypt in 2024Source: www.export-egypt.com 11/14/2023, Location: Africa |
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Al-Mana Qatari Group has announced plans to invest more than $60 million in Egypt in 2024, Abdulaziz Hamad Al-Mana, the executive director of the company, said.
Most of the money will go toward establishing a car assembly plant, he added during an interview with Asharq Business. Although the specific brand for the plant has not been decided yet, Al-Mana emphasized that it would be Chinese to cater to the local market's demands. Al-Mana cited the abundance of incentives in the Suez Canal Economic Zone (SCZone) and the ease of exporting from the region, expressing the company's keenness to channel further investments into SCZone. Speaking on the sidelines of the Egyptian-Qatari Economic Investment Forum, Al-Mana revealed that the Qatari group is also exploring investment opportunities in other sectors. The forum, which began on Tuesday, was attended by Egypt's Minister of Trade and Industry Ahmed Samir, his Qatari counterpart Mohammed bin Qassim, and other prominent figures. Samir said Egypt is eager to attract investment from Qatari companies, highlighting the extensive efforts made in recent years to encourage investment, particularly from Gulf nations. For his part, bin Qassim pointed out that Qatar is one of the leading investors in the Egyptian market, with more than $5.5 billion in the financial, real estate, and energy sectors. At the conclusion of the forum, several Egyptian companies and their Qatari counterparts signed a number of agreements and memorandums of understanding (MOUs) in various fields. The forum aims to boost bilateral relations between the two countries and encourage Qatari companies to invest in Egypt. This endeavor aligns with Egypt's goal of recovering its economy and fulfilling its commitments to the International Monetary Fund (IMF) under a $3 billion loan deal signed last year. Seeking to attract mainly Gulf investment, Egypt has been offering state-owned assets through its IPO programme. The warming of economic relations between Egypt and Qatar signifies a significant shift from the political tensions that characterized their interactions in the past. Both nations now share a mutual interest in fostering economic cooperation, which paves the way for enhanced trade and investment opportunities. Egypt received a $1 billion deposit from Qatar in 2022, according to the data released by the Central Bank of Egypt (CBE) in July. Trade exchange value between both countries increased by 76.2 percent to $80.1 million in the first 11 months of 2022, up from $45.5 million in 2021, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). Qatar serves as the third largest Arab state investor in Egypt, There are also 160 Qatari companies in Egypt that have injected investments worth nearly $2 billion, as per official data. |
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