Planning minister: State spent dlrs 400 bn on infrastructure

Minister of Planning and Economic Development Hala El Said said the state has spent dlrs 400 billion on infrastructure to lure in large investments and improve the quality of life for the Egyptians.

The minister’s remarks were made during her meeting with a delegation of the Qatar Businessmen Association (QBA), chaired by Sheikh Faisal bin Qassim Al Thani in the presence of Head of the Federation of Egyptian Industries (FEI) Mohamed El Sweidi.

During the meeting, El Said briefed the Qatari side on the special law of the Sovereign Fund of Egypt which allows it to unlock unique assets for investors and engage the government to help implement structural reforms, adding that such law also maintains the rights of future generations and in the meantime enjoys resilience that is much needed by the investment sector.

The Fund is considered an important investment arm of the Egyptian government and seeks to explore available investment opportunities in cooperation with the private sector, she explained.

The two sides addressed means of beefing up cooperation and luring in Qatari investments to Egypt.

They reviewed a number of projects which are currently underway by the Fund and in partnership with investment consortiums including the development of the Tahrir Complex, the production of electric vehicles in the Exclusive Economic Zone of Suez Canal (SCZone) as well as other water and energy projects.

 

 

 

Source: State Information Service Egypt

Petroleum min. lauds UAE investment in Egypt especially in gas field

Petroleum Minister Tarek el Molla lauded the keenness of the UAE Company “Mubadala Energy” to boost its investments in Egypt in the coming period especially in the fields of gas and low-emission energies as important options to secure energy supply and maximize the economic benefit of resources.

This came during Molla’s meeting with Executive Director of Mubadala Musabbeh Al Kaabi on the sidelines of Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) to discuss horizons of increasing fields of cooperation and investment opportunities and projects where the UAE Company can partake in light of its interest to pump new investments in the field of energy in Egypt.

Meanwhile, Kaabi asserted the keenness of the company to pump more investments to Egypt especially by implementing projects in the field of liquefied natural gas in addition to renewable energy.

The new strategy of Mubadala Company for energy aims at playing a main and effective role in the field of energy transition, pointing out to launching a new trademark for the company “Mubadala Energy” which reflects the tendency of the company to promote its contributions in the field of low-emission energy.

 

 

 

Source: State Information Service Egypt

Maait: Egyptian economy has become more attractive to investments

Minister of Finance, Mohamed Maait, confirmed that the Egyptian economy has become more attractive to foreign investments, as a result of perfect implementation of the economic reform program, which was praised by international financial and rating institutions.

 

Maait affirmed, during his meeting with Dominic Goh, the Singaporean ambassador in Cairo, that Egypt is keen to enhance joint cooperation and exchange experiences in port management and the development of the customs system, and to benefit from the Singaporean experience after Singapore has become a global center for logistics services, especially in light of the efforts made by the government in implementing the national project to develop and digitize the customs system.

 

 

 

Source: State Information Service Egypt

Petroleum min.: COP27 to designate day for reducing carbon emissions

Petroleum and Mineral Resources Minister Tarek el Molla said on Monday the UN climate conference, COP27, will designate a day for reducing carbon emissions, noting that the event will be an opportunity for oil and gas companies to showcase their vision on how to develop new resources with lower emissions.

 

Delivering a speech during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2022), Molla pointed out that Egypt cooperates with global partners to reduce carbon emissions of gas and oil projects.

 

The minister reviewed Egypt’s strategy to secure energy supplies, clarifying that Egypt works on using all energy sources, traditional or renewable.

 

He also pointed to the cooperation with the member states of the East Mediterranean Gas Forum to maximize the efficient use of gas resources.

 

 

 

Source: State Information Service Egypt

Business sector ministry keen to encourage avenues of investment

Minister of Public Business Sector Mahmoud Esmat said his ministry is keen to encourage investors in all domains in order to support and develop the industrial sector.

 

The ministry’s policy is also meant to strengthen several industries locally and transfer advanced technologies to reduce imports and increase exports, he added.

 

During a meeting Monday with a delegation of the Qatari Businessmen Association, led by Sheikh Faisal bin Qassim Al Thani, Esmat said this aims as well to tap new markets for Egyptian products.

 

The minister stressed keenness to maintain direct channels of communication with investors and businessmen communities to support the state’s efforts to achieve comprehensive economic development.

 

For their part, the Qatari delegation members affirmed desire to promote cooperation with Egypt to achieve the best interest of the two countries. 

 

 

 

Source: State Information Service Egypt

Trade minister probes with British envoy economic cooperation

Minister of Trade and Industry Ahmed Samir discussed on Monday with British Ambassador in Cairo Gareth Bayley means to cement economic cooperation between the two countries in the coming stage.

 

In a statement released by the Ministry of Trade and Industry, the minister expressed Egypt’s keenness on promoting the strategic partnership to maintain economic, trade and investment cooperation between Egypt and Britain, hailing the distinguished ties binding the two countries.

 

He said the two sides signed in 2020 the Egyptian-British partnership agreement which went into effect in 2021 a matter that reflected the importance of cooperation between the two sides.

 

The minister said his talks with the British envoy dealt with means to lure British investments into Egypt’s markets in light of the incentives provided by the government to investors.

 

Minister Samir pointed out that the volume of trade exchange between the two countries reached in 2021 about dlrs 2.917 billion against dlrs 2.163 billion in the previous year.

 

For his part, the British Ambassador expressed his country’s keenness on boosting economic and investment partnerships between the two countries in light of the desire of British companies to invest in Egypt.

 

 

Source: State Information Service Egypt