Egypt Reviews Alliance with Major UAE Investment Groups

The Egyptian government announced yesterday it is considering the formation of alliances with a number of major UAE investment groups for logistic zone projects, in addition to the establishment of centers and commodities exchanges for grain trading, reported to Mubasher.

Egypt and the UAE groups will join hands in exporting and importing foodstuff. Egypt’s Minister of Supply and Internal Trade Khaled Hanafy was quoted by UAE’s Al Khaleej gazette as saying the new alliance targets exports to the region, Africa and Asia. He noted that the planned projects will be built along the new Suez Canal Axis.

According to the minister, these projects will attract major Arab and global investors and thus create thousands of jobs.

Hanafy met yesterday with Khozaim Abdullah Al Darei, chairman of a major UAE investment group, and Dr. Suleiman Al Nafisi, executive director of the same group. The meeting dealt with cooperation between the ministry and the group in grain collecting and storing, in addition to establishing a logistic zone for grain trading.