Egypt, Oman mull creating joint fund for investments

By Aya Anwar On Nov 26, 2023

National Flags of the Sultanate of Oman and Egypt wave in the streets of Omani capital Muscat ahead of an official visit by Egyptian President Abdel Fattah al-Sission June 27, 2022. (Photo by MOHAMMED MAHJOUB / AFP) (Photo by MOHAMMED MAHJOUB/AFP via Getty Images)

Egypt and Oman are currently considering the establishment of a joint fund to pump investments into several sectors, such as agro-industries, food manufacturing and pharmaceutical, Egyptian Planning Minister Hala al-Saeed said on Saturday.

The Egyptian-Omani fund is set to invest in agricultural industries, food industries, and pharmaceuticals, al-Saeed added.

This came during a meeting between al-Saeed and the Omani Minister of Commerce, Industry, and Investment Promotion Qais Bin Mohammed Al Yousef to discuss ways of enhancing cooperation.

Al Yousef praised the Egyptian-Omani relations, adding that pushing the pace of meetings between the two countries will further support this relationship.

Moreover, the Omani minister held talks with the CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba to promote investment cooperation between the two countries.

Al Yousef and Heiba agreed to formulate an action plan to exchange information, visits, and delegations, to discuss the needs of both markets in various sectors.

During the meeting, Heiba also unveiled that foreign direct investments (FDI) to Egypt rose notably to $10 billion in financial year (FY) 2022/2023.