The Minister of Immigration and GAFI CEO met with the Core Group (Nawah) to establish the Egyptians Abroad for Investment company

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31-05-2023
The Minister of Immigration and GAFI CEO met with the Core Group (Nawah) to establish the Egyptians Abroad for Investment company




Ambassador Soha Gendy: We are keen to support the national economy and attract more investments
The CEO of the General Authority for Investment and Free Zones: The company creates a new platform to absorb the savings of Egyptians abroad and their remittances.
Ambassador Soha Gendy, Minister of State for Immigration and Egyptian Expatriates Affairs, and Mr. Hossam Heiba, GAFI CEO, held a meeting with the "Nawah" group of the "Egyptians Abroad for Investment" company to agree on the frameworks for the next phase.
The meeting was attended by Dr. Saber Soliman, Assistant Minister of Immigration for Institutional Development and Minister's Office Affairs, Counselor Wassim Zaki, Financial Advisor to the Ministry, Dr. Fakhry Elfeki, Head of the House of Representatives Plan and Budget Committee and the former expert at the International Monetary Fund (IMF), Counselor Alaa Ragab, Legal Adviser to the Central Bank of Egypt (CBE), and a number of officials.
At the outset of the meeting, Ambassador Soha Gendy, Minister of Immigration, and Mr. Hossam Heiba, GAFI CEO, welcomed the attendees, including representatives of the concerned bodies and entities, as well as representatives of the “Egyptians Abroad for Investment” company. 
Minister of Immigration affirmed the interest of Egypt in creating a favourable investment climate and facilitating the business environment in order to attract more foreign and local investments and achieve positive results to support the national economy. She referred to the outcomes of the meeting of Prime Minister Dr/ Mostafa Madbouly, in which he declared his full support for the company to commence in the Egyptian market, so that it could attract Egyptian and international investments to operate in the Egyptian market. 
Moreover, Minister of Immigration indicated that the idea of establishing “Egyptians Abroad for Investment” company is one of the demands and recommendations issued by the Egyptian Entities Abroad Conference held in 2022, explaining that such proposal was approved and worked on during the last period. In this regard, she referred to the meetings held with a number of ministers and officials of the concerned authorities, during which promising investment areas and opportunities in Egypt were discussed, in addition to the meetings held with a large number of Egyptian investors abroad regarding reviewing the idea of establishing this company. Besides, several proposals and visions were put forward in this regard. 
Ambassador Soha Gendy said that the idea of establishing the aforementioned company was well received by the Egyptian investors abroad. As they also expressed their desire to implement this idea, and they immediately formed the Core Group (Nawah). The group included a number of the company's founding investors, several meetings and gatherings were held, and initials were signed with the ten investors who represent the "core" of this company.
At the same context, the Minister in​dicated that the company will be managed by Egyptian investors abroad, not by the Government. Moreover, she pointed out that the results of the meetings held with Egyptian investors abroad will be presented encompassing the review made of a number of visions and proposals related to the company to be established.
Ambassador Soha Gendy affirmed that the Egyptian State has promising investment opportunities in various sectors, which qualifies it to attract more investments from Egyptians abroad. Furthermore, she explained that such new proposed entity consists of a number of founders from Egyptian businessmen, distinguished cadres who are successful abroad, and have successful experiences abroad and in Egypt in addition to having expertise that qualifies them to administrate this national entity, along with a professional team of legal and financial advisors.
On her part, the Minister stated that the underlying reason behind incorporating the company is to promote to the Egyptians abroad wishing to invest in Egypt such investment opportunities that the company is working on. This should contribute to increasing foreign direct investments (FDI) to Egypt, especially when looking at the package of incentives offered by the Government of Egypt as means to improve the business environment and to provide various facilities stimulating FDI inflows, the Minister elaborated.
In the same context, the attendance discussed, during the meeting, many ideas regarding the incorporation of the company as well as the company's vision and activities per sector. Among these ideas was the proposed legal structure of the company and other determinants of the importance of establishing the company. The company's vision, comprising the company's investment strategy and activities, was presented and explained. On the one hand, the company's strategy is found to be focused on increasing exports, developing the Egyptian companies, reducing the import bill, as well as raising the efficiency of the Egyptian human resources.  On the other hand, the company's investment activities will be directed to investing in several sectors including industry, agriculture, technology, trade, real estate, and tourism.
The meeting tackled a number of questions raised by the investors about the optimal format for the company's listing; the relevant laws regulating investment in Egypt; the nature of the company; as well as the facilitation of cash transfers and evaluation of the company shares nominal value; and other questions that were answered by GAFI CEO Mr. Hossam Heiba.
For his part, Mr. Heiba said that the incorporation of "Egyptians Abroad for Investment" company would create a new platform for attracting foreign exchange, since it aims to attract the savings of the Egyptians abroad, away from their current remittances. In addition to enabling Egyptian expatriates and immigrants to benefit from the high return on industrial and service investment in the Egyptian market; as well as deepening their association with the economy of their country. Moreover, it would achieve a number of the goals of Egypt's Sustainable Development Strategy (Egypt's Vision 2030), which are exports increase, technology localization, and unemployment rates reduction.
GAFI CEO reviewed various investment solutions and mechanisms in the Egyptian market, which ensure the fulfilment of the demands of the Egyptian expatriates in terms of easy profits transfer and minority rights assurance.
At the end of the meeting, a roadmap was agreed on to start the implementation procedures for launching the company, according to a timetable to be agreed upon, and in coordination between the Ministry of Immigration and Egyptian Expatriates Affairs, investors, GAFI and CBE, so that the company could be launched with steady steps. Moreover, Ambassador Soha Gendy expressed her thanks to Mr. Hossam Heiba, GAFI CEO, for standing behind such company, which was already born great and includes elite figures of the Egyptian investors and businessmen abroad.
Minister of Immigration indicated that the founders of the company includes distinguished expertise, and the company will be offered for subscription to those interested in investing from Egyptians abroad and provide them with the opportunity to buy shares and participate in limited or large investments, as well as launching an investment fund affiliated with the company to attract major investors in various fields. Agreement has been reached to hold joint meetings to agree on broad lines between investors and GAFI to face any challenges, to speed up the launch of the company, and open the way for investors wishing to invest in Egypt.
The meeting was attended by Eng. Ashraf Doss,  CEO of US-based “Fern Pro Global”, Eng. Tamer Hedayat, CEO of “NETSYNC” Company, Dr. Hassan Al-Jarrahi, Chairman of Al-Amal Printing Company in the Kingdom of Saudi Arabia, and the banking expert Wael Hassan, former real estate finance advisor at JPMorgan Chase Bank, Adel Boulos, Chairman of the Board of Directors of Amira Enterprises inc. for Food Products, Karim Asaad, CEO of Brooks & Kempton, and a number of officials.






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