GAFI CEO: Investment-related procedures are being expediently completed for Qatari investors ... Qatari companies are offered field visits to explore real opportunities.
QBA announces its interest in investing in the Egyptian health and education sectors given their growth rates.
The General Authority for Investment and Free Zones (GAFI) organized an extensive meeting to discuss ways to attract Qatari investments to Egypt. Counselor Mohamed Abdel Wahab, GAFI Chief Executive Officer (GAFI CEO), met a delegation of the Qatari Businessmen Association (QBA) headed by Sheikh Faisal bin Qassim Al-Thani. The meeting attendees were Egypt-Qatar Business Council Chairman, Dr. Muharram Helal; Vice-chairman of the Housing Committee at the House of Representatives, Eng. Tarek Shoukry; Banque Misr Chairman, Mr. Mohamed El-Etreby; Qatar National Bank CEO, Mr. Mohamed Bedeir; GAFI BoD member, Dr. Mohamed Sameh Amr; Arab Contractors BoD Chairman, Eng. Sayed Farouk; Managing Director of El-Sewedy Electric, Eng. Ahmed El-Sewedy; Benya Group BoD Chairman, Eng. Ahmed Makki; a number of ministerial officials and actors relevant to the investment process; and representatives of major Egyptian companies operating in the construction, building, energy, and tourism sectors.
GAFI CEO indicated that the success of Qatari companies operating in Egypt and the sustainability of their work is a key factor in motivating more Qatari companies to invest in Egypt. He called on the Qatari delegation to take advantage of the facilities provided by the Government of Egypt to the investment sector, stressing the fact that President Abdel Fattah Al-Sisi announced that any company applies for the Golden License in the next three months will receive it.
Moreover, Counselor Abdel Wahab presented the most important investment opportunities relevant to the Qatari side, stressing GAFI's commitment to a better streamlining of various procedures while offering Qatari investors visits to explore real investment opportunities.
Abdel Wahab also stressed that the investment environment in Egypt witnessed great developments during the last period, as tax and investment incentives were updated and developed per sectors and regions in which investment is made. In addition, the Government set new rules granting foreign investors a five-year residence in Egypt to be renewed throughout project lifetime.
On his part, QBA Chairman affirmed his encouragement of the Qatari business community to inject more investments into the Egyptian market, pointing out that the coming period will witness the holding of multiple meetings under the auspices of GAFI between the Qatari and the Egyptian business communities with the aim of increasing the volume of Qatari investments in a manner conforming to the economic trends of the two countries.
The Qatari side announced its interest in the investment opportunities in the health and education sectors in light of the growing market in Egypt, in addition to its interest in establishing a group of major hotels, especially in the governorates of the Delta and the northern parts of Upper Egypt.
It should be noted that this meeting comes as part of a series of meetings that brought together GAFI CEO and Qatari officials over the past months, and within the framework of a government plan to revive Arab and foreign investment inflows to Egypt. During this visit, meetings were held with investment decision-makers and representatives of the business community in Qatar. This visit was followed by a Qatari delegation headed by the Chairman of the Board of Directors of the Qatar Chamber of Commerce and Industry, and representatives of major Qatari companies interested in launching new investments in Egypt.
