OCI Chief Requests Meeting With Egypt Investment Minister To Boost Businesses

Egypt’s investment ministry announced that the long-standing dispute between Orascom Construction Industries S.A.E. and Tax Authority is finally and officially over. This comes after agreeing that OCI will pay EGP 7.2 billion to settle its tax disputes instead of EGP 14 billion. As a result, OCI chief shows his desire to meet with the Egyptian investment minister, seeking to expand the company’s businesses.

General Authority for Investment and Free Zones (GAFI) endorsed the company’s ordinary and extraordinary meetings.

From his side, the newly-appointed Investment Minister Yahia Hamed has asserted its full support to the country’s private sector, noting that the sector is expected to be a pillar of the country’s economic strength within the upcoming period.

Hamed further added that the his ministry’s plan for the upcoming phase will focus on supporting both the private and public sectors so as to boost the country’s economy.

Meanwhile, Nassef Sawiris – Chief Executive of Orascom Construction Industries, has requested holding a meeting between his OCI’s representatives and Minister Yahia Hamed in order to tackle the firm’s investment plans for the upcoming stage, confirming its willingness to expand its businesses in the country.