UAE Investments In Egypt Totals $10 Bln: GAFI Head
UAE investments in Egypt are worth $10 billion according to Chairman of the General Authority for Investment and Free Zones (GAFI) Hassan Fahmy.
Fahmy expects a growth in Emirati investments in Egypt in the coming period in light of the legal amendments undertaken by the government to many private investment laws.
An official source within the Ministry of Investment said that Emirati investments in real estate represent 30% of the total, tourism 35%, and agriculture and communications 10%, with other investment activities accounting for the remainder.
The anonymous official predicted a rise in UAE investments in private logistics activities in the Suez Canal area in the near future, due to construction on the Suez Canal Axis project.
“The national projects that will be launched along with the parallel Suez Canal project will bring in investments ranging between $2 billion-$4 billion from the UAE,” the official said.
The official linked the provision of special facilities pertaining to incorporation to the amendments undertaken by the state to investment laws.
According to a report obtained by Daily News Egypt, the most important UAE companies through the end of 2013 included Etisalat, with LE14.9 billion in capital and contributions worth LE11.7 billion.
Abu Dhabi Islamic Bank, which undertakes all practices consistently with Shari’a law, was also amongst the most important companies, with LE2 billion in capital and LE1.2 billion in contributions.
Union National Bank had LE637 million in capital and contributions valued at EGP 598m, while Mashreq Bank boasted capital and contributions valued at LE566 million.
In terms of real estate investment, DAMAC, the company developing Gamsha Bay in Hurghada, has capital worth LE1 billion with LE1 billion in contributions.
Emirates Heights, a tourism investment company, has capital worth LE150 million and contributions amounting to LE75 million.
Emaar Misr has capital and contributions worth LE699 million and operates in the field of urban development.
Al-Futtaim Real Estate is among the most important real estate investment companies operating in Egypt with capital worth LE600 million and LE598 million in contributions.
Agricultural company Al-Zahera has capital worth LE619 million and contributions worth the same value.
Qala’a Holdings is a financial consulting company with LE435 million in paid capital and EGP 336m in contributions.
In the field of finance, three main companies stand out. This includes Altanmia Modern with paid-up capital amounting to LE262 million and contributions worth LE260 million; Arab Investment Company with EGP 238m in capital and contributions; and Abu Dhabi Tourist Investment with LE240 million in paid-up capital and EGP 234m in contributions.
In the field of industry, Taghleef Industries, which works in the field of chemicals, has capital worth LE120 million and contributions worth LE118 million.
Emarat Misr Petroleum Products has paid-up capital worth LE130 million with contributions worth LE65 million.
Source: Daily News Egypt
