x Abu Dhabi, UAEMonday 24 July 2017

Abu Dhabi and Egypt discuss ‘mega-project’ investments

As Egypt targets $20bn in foreign investment in the next three years, ADIA looks at investing in joint venture funds.

Egyptian government ministers have held talks with the Abu Dhabi Investment Authority (ADIA) as Egypt targets US$20 billion (Dh73.4bn) in foreign investment in the next three years.

Rachid Mohamed Rachid, Egypt's minister of trade and industry and acting minister of investment, said today that ministers held negotiations with ADIA about investment in joint venture funds in the country and also discussed opportunities to invest in infrastructure projects.

Mr Rachid said: "There is a lot of interest from ADIA about investing in Egypt and ADIA is also already an investor in Egypt including investment companies and financial firms.

"We are offering ADIA the opportunity to invest in joint venture funds we are creating in Egypt and negotiations are continuing on that."

ADIA had also been presented with opportunities to invest in four so-called mega-projects Egypt is creating, spanning industry, infrastructure and property, to spur economic development and build jobs.

The UAE is already the third largest foreign investor in Egypt, with the country's investment amounting to 13 per cent of the total capital of Egyptian business.

Egypt is keen to attract investment from the UAE as it attempts to revive its economy after the global financial crisis stinted its job creation plans.

tarnold@thenational.ae