Egypt, UAE Al-Futtaim to Ink $2.2bn Deal to Develop Commercial Centres

Egypt’s Investment Minister Osama Saleh is scheduled to meet with UAE-based Al Futtaim Group Tuesday to sign an agreement worth EGP 16 billion (US$ 2.2 bln) to be injected over five years to build and develop four commercial centres in Egypt.

The Egyptian minister said Monday there are no problems with investors from UAE in Egypt, with UAE total investments valued at $4.6 billion in 338 companies.

During a meeting at the Egyptian embassy in Abu Dhabi the Minister said an agreement will also be signed between Holding Company for Maritime and Land Transport (HCMLT) and Air Arabia to establish a Port Said quay for $190 to 200 million.

The investment laws that will be approved over the coming period are being reviewed to ensure investor rights, Saleh said.