Egypt invested $400 bln to create an attractive investment environment: Planning minister to Qatari Businessmen

H.E. Dr. Hala El-Said, Egypt’s Minister of Planning and Economic Development, met today with the delegation of the Qatari Businessmen Association, headed by Sheikh Faisal bin Qassim Al-Thani.
The meeting witnessed the presence of Engineer Mohamed Al-Suwaidi, head of the Egyptian Federation of Industries, to discuss ways to enhance cooperation and attract Qatari investments to Egypt.During the meeting, Dr. Hala El-Said, Minister of Planning and Economic Development, explained that the law on The Sovereign Fund of Egypt (TSFE) was enacted following Egyptian circumstances and capabilities.
El-Said added that the law is representing the desire of the Egyptian state to preserve the rights of future generations, while at the same time taking into account the flexibility needed by the investment sector.An investor can increase capital and develop companies by exploiting untapped assets and companies transferred to the fund. Alternatively, the fund can engage directly in investment through a partnership with the private sector, local or foreign, according to the TSFE law.
El-Said added that TSFE represents an extremely valuable investment arm for the Egyptian government, explaining that its role is to search for and study available investment opportunities and turn them into a suitable investment product to be presented to the private sector.El-Said added that the fund is currently removing all the burdens that the local and foreign investors may bear in dealing with the state.El-Said explained that there are many examples of various investments that were implemented during the last period, following up on the diversification of the Egyptian economy, so specialized sub-funds were established, each with an independent board of directors of specialists.



The fund is considered as a way of encouraging the private sector, following up on the fact that the Egyptian state spent nearly $400 billion on infrastructure over the years, due to a period of instability and deterioration, according to El-SaidEl-Said stressed that the state entered the region with people and pumped in investments since the state was able to provide appropriate infrastructure and a legislative atmosphere where several laws and regulations were established.El-Said also referred to the state's efforts to launch the structural reform plan a year and a half ago, after the fiscal and monetary reform stage. She also referred to the launch of the economic constitution, or what is called the document regulating state ownership.Ayman Soliman, CEO of TSFE, reviewed several projects that were implemented through the fund and in partnership with investment alliances. Including the development of the Tahrir complex and projects for the production of electric motor vehicles, (NERIC) in the Economic Zone.The CEO of the Sovereign Fund also reviewed the most important areas of work of the subsidiary funds that were established within the areas of work of the main fund, and the most relevant opportunities available through these funds.He also stressed that the fund is open to investment and cooperation in all fields. This is as long as these fields achieve sustainable returns and benefit the investment climate in Egypt.For his part, Sheikh Faisal bin Qassim Al-Thani, head of the Qatari Businessmen Association, said that the association is keen to develop investment relations with Egypt and discuss opportunities for investment in all fields.Bin Qassem Al-Thani pointed out that there is a positive change in the investment climate in Egypt, and there are various elements of attraction for Qatari investors, as well as areas for building investment alliances with Egyptian businessmen.Engineer Mohamed El Sewedy, head of the Federation of Industries, also spoke, explaining the size of the transformation that Egypt is witnessing in the field of improving the investment climate, opening the way for the private sector, encouraging industry, and the successes achieved in national projects in a way that provides an attractive environment for investment.El Sewedy stressed that Egyptian businessmen welcome cooperation with their Qatari brothers in all investment fields.During the meeting, the Minister of Planning received several questions from Qatari businessmen who praised Egypt's steps in improving the investment climate.