2023-07-11 13:31:00
Hind Mukhtar wrote on Tuesday, July 11, 2023 04:31 PM
Dr. Hala Al-Saeed said that the Sovereign Fund of Egypt is owned by the Egyptian people, explaining that a company with a number of hotels was launched and it was competitively awarded in the form of a capital increase of 37%, and the award was made to the “Ikon” company owned by Hisham Talaat Mostafa, and the second offering is Offering minority stakes in 3 companies, the offering was divided by $800 million, and it was acquired by the Abu Dhabi Development Holding Company.
She explained that the third offering is the exit of one of the investors, from the “Ezz Al-Dekheila” company, and the exit was made at a value of 31%.
Dr. Mostafa Madbouly, Prime Minister, said that the Egyptian state aims, during the next three years, to increase commodity exports by 20%, tourism revenues by 20%, and remittances from Egyptians abroad to increase by 10% annually.
He pointed out that the state is working to increase the proceeds of dollar revenues, and we have achieved contracts with the private sector within the offering program with 1.9 billion dollars, of which dollar proceeds will enter the state at a value of one billion and 650 million dollars, and the rest was obtained in Egyptian pounds.
He pointed out that a unified electronic platform will be launched to operate and liquidate companies, so that dealings will be done electronically, explaining that the state bears the real estate tax for 20 industrial sectors.
He explained that the government submitted a draft law to Parliament, and it was approved, related to the abolition of all legal articles that grant preferential treatment to state-owned companies.
He explained that Egyptian exports increased annually by 16% over the past years, explaining that 8 decisions out of the total 22 decisions of the Supreme Investment Council have been implemented.
He pointed out that the state has opened the periods through which companies can be established up to 9 years, explaining that among the amendments is that it is permissible, following the approval of the Council of Ministers, to grant incentives to a number of projects to exempt from the right to usufruct the land for a period of 10 years, and that the state can bear part of the value of Project consumption of utilities for a period of 10 years, in order to encourage the private sector.
He explained that the Egyptian state succeeded in a short period of time in many achievements, explaining that the state’s goal at this stage is to support the efforts of the private sector to assume leadership and increase the state’s foreign exchange earnings.
He added, in an expanded press conference, in the New Administrative Capital, to review the position of government proposals, and a number of measures to increase the participation of the private sector in economic activities, that the government has made revolutionary amendments to the investment law, and great measures have been taken in this regard.
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