QBA holds meeting with Egypt's GAFI on investment opportunities
Gulf Times
The Qatari Businessmen Association (QBA) led by its Chairman HE Sheikh Faisal bin Qassim al-Thani discussed with Mohamed Abdel Wahab, CEO, Egyptian General Authority for Investment and Free Zones (GAFI) ways to develop the investment co-operation between the two countries.
The Qatari Businessmen Association (QBA) discussed with Mohamed Abdel Wahab, CEO, Egyptian General Authority for Investment and Free Zones (GAFI) ways to develop the investment co-operation between the two countries. The event was held in the presence of Amr El Sherbini, Egyptian ambassador. The two sides agreed to the importance of organising visits for the Qatari business community to Egypt and vice versa, to discuss investment opportunities on ground. From the Qatari Businessmen Association HE Sheikh Faisal bin Qassim al-Thani, QBA Chairman headed the meeting. QBA members Sheikh Faisal bin Fahad al-Thani, Khaled al-Mannai, Salah al-Jaidah, Faisal Abdullah al-Mannai, Mohamed Khalid al-Rabban, Ibrahim al-Jaidah, Maqbool Khalfan, Abdullah al-Kubaisi, Youssef Ibrahim al-Mahmoud, Ihsan Walid Alkhiyami, Rashid al-Mansori, CEO, Amaal and Tarek al-Sayed, CEO, Artic attended the meeting. GAFI CEO reviewed the investment opportunities of interest to Qatari investors, which are aligned with the economic directions of the two countries, especially in the sectors: chemical and petrochemical industries, financial services, logistics, real estate development, tourism, technology, agriculture, and other productive sectors. Abdel Wahab said, The Egyptian economy enjoys many competitive elements, on top of which are the investment and trade agreements that Egypt signed with the African and Arab neighbours during the past years, the economic reform programme that the Egyptian government has efficiently implemented, and the huge investments in infrastructure that have contributed to improving the business environment in Egypt, as well as many new investment facilities and incentives approved by the Prime Minister to attract more local and foreign investments. During the meeting, Sheikh Faisal stressed on the importance of economic co-operation between the two countries, praising the experience of economic reform implemented by Egypt over the past years, and encouraging Qatari companies to study promising investment opportunities in Egypt. Sheikh Faisal added: “Mutual economic opportunities are multiple between Qatar and Egypt to develop their co-operation in the trade and investment sectors, which contributes to strengthening their economy and forming a strong alliance capable of facing international challenges. In addition to the importance of Qatari investments in Egypt to support the two countries’ economies, the Egyptian labour in Qatar is considered one of the most prominent supporters of Egyptian economy. About 300,000 Egyptians work in Qatar and transfer about $1.3bn annually to their country. Sheikh Faisal said the economic opportunities in Egypt are great, and the Gulf countries are among the first investors there, and accordingly Qatar has this potential, and the opportunity is available to invest in agriculture, energy, tourism, food security and food industries, in addition to investments in water, communications and information technology, as well as in the real estate sector. Abdel Wahab presented a specific set of investment opportunities to representatives of the Qatari Businessmen Association to study and choose appropriate projects for each investor based on priorities. It was agreed with the CEO of Qatar National Bank to form a working group to follow up and present opportunities periodically to Qatari companies interested in implementing new investments in Egypt or the expansion of existing investments. He also agreed with the Qatari Businessmen Association to form a mini-working group to study investment projects, whether in Egypt or Doha. He urged QBA members to visit Egypt next September, the beginning of the government's transfer of its headquarters to the New Administrative Capital in Cairo Governorate.
