Ahmed Heikal Denies Food Market Monopoly
Dr. Ahmed Heikal, Citadel Capital Founder and Chairman, had denied monopolizing the food market in Egypt.
“Egypt’s total volume of food market investments amounts to EGP 200 billion; while I do not seize more than EGP one billion.” Heikal added
Referring to making investments in Africa, Heikal said the African planet is a fertile soil for investment. Unfortunately, Egypt is currently no longer in the race for leading Africa. It should have been on the top, Heikal added.
“Since Mubarak’s assassination attempt in 1995 in Addis Ababa, we have neglected the African file. Accordingly, our share from Nile water has narrowed to 63 billion M2 .” he noted
Additionally, Heikal stated that the country will be facing a new crisis, unless the current Irrigation Minister alongside the cabinet adopt the necessary procedures and reach quick solutions for Egypt’s current declining water share.
Heikal said Citadel Capital (CCAP.CA) will be injecting more investments in the African planet within the coming period. African countries such as Kenya and Mozambique enjoy key investment opportunities and political stability.
Referring to the increasing Qatari investments in Egypt, Heikal asserted that he is not against having such investments. “Egypt is in dire need for more foreign investments so as to put an end for the unemployment dilemma.”
“Egypt will be having more investments when it eventually witnesses stability.” He added
Heikal also noted that the Egyptian economy will face a number of challenges which can lead to higher government debt rates. The Egyptian cabinet ought to adopt effective procedures so as to face such challenges, to put the unemployment crisis into consideration in particular.
