Egypt woos investors from UAE in key sectors

Abu Dhabi: Egypt is wooing investors from the UAE in key sectors including agriculture, infrastructure, real estate and communications and information technology to shore up the domestic economy, the country's Minister of Investment said here on Wednesday.

"We are looking for greater Emirati investments in Egypt," Mahmoud Mohieddin told reporters at a news conference.

He said the UAE's investments in Egypt have risen exponentially over the last four years.

However, he declined to provide figures for the size of investments.

"Between 1970 and 2008, 421 companies of UAE origin have started their operations in Egypt. Of these, 64 are construction companies, 44 are in financial services, 125 are in services, 40 are in agriculture, 38 in tourism, 87 in the industrial sector and 23 in communications and information technology," said Mohieddin.

He said of these 421 companies, 211 began operations in Egypt during the last four years, which indicates Egypt's growing popularity among the UAE investors.

Mohieddin said during his current UAE stay, he had met with General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.

They had discussed investment opportunities in Egypt and the current global economic crisis and the ways to deal with it, he said. Mohieddin also said they talked about renewable energy and investments in human resources.

In his meeting with the Abu Dhabi Development Fund, Mohieddin said they discussed opportunities in infrastructure and low-budget housing, while during the meeting with the Egyptian Business Council in the UAE, discussions focused on obstacles businesses faced in Egypt and the means to solve them.

Separately, Mohieddin said a new index will be introduced at the Egyptian Stock Exchange in the foreseeable future, taking into consideration Corporate Social Responsibility..