UAE’s Al-Futtaim plans to inject $1bn in Egypt

UAE’s Al-Futtaim Group plans to invest over of $1 billion in Egypt by the next three years, the North African country’s Cabinet said on Thursday.

Chief executive Omar Al-Futtaim made the commitment during a meeting with Egyptian Prime Minister Moustafa Madbouly along with other government officials on Wednesday.

Egyptian government seeks to improve the role of the private sector within the upcoming years and boost procedures to attract foreign investments, Madbouly said.

Al-Futtaim expressed his confidence about the partnership and the Egyptian government’s support for the private sector, despite challenges. Egypt is facing various challenges due to the economic repercussions of the Russia-Ukraine war. These include a higher import bill, a increasing budget deficit, rising inflation and a depreciating currency.

Egypt, Jordan and the UAE signed an industrial partnership earlier this week to build sustainable economic growth across five sectors in the three countries with $10 billion investment fund.

Last month, Madbouly outlined a plan to attract $40 billion in investment over the next four years by selling state assets to private investors, as well as increase private investment to 65 percent of Egypt’s total investment, from about 30 percent, within three years.