Engineer Tariq Shukri, Undersecretary of the Housing Committee in the Egyptian House of Representatives, said that the efforts made by the Ministries of Finance and Investment to remove obstacles will bear fruit during the coming period.
Many reports during the recent period indicated that Saudi Arabia aims to invest in developing Ras Jamila Island in the Red Sea, similar to the huge deal between Egypt and the Emirates to develop the Ras Al-Hikma region in the Mediterranean, but the two countries have not yet reached an agreement.
The Egyptian parliamentarian said in television statements on Friday: “We are talking about the possibility of soon signing an agreement with Saudi Arabia on one of the projects, and another country is talking about a project in the Administrative Capital, and we have more than one investment opportunity.”
Shoukry considered that “Egypt is the land of opportunities,” stressing that attracting investments receives great attention from the Egyptian state.
He pointed out that the Egyptian Council of Ministers documented special guarantees for a number of countries, including Saudi Arabia and the Emirates, with regard to investment guarantees. To fully protect and guarantee its investments.
Egypt signed a “historic” agreement to develop the Ras El Hekma area on the Mediterranean coast with the UAE last February, with investments worth estimated at about $150 billion, making it the largest foreign investment deal in Egypt’s history. The projects include building residential areas and tourist resorts. With expectations that it will add about 25 billion US dollars annually to the Egyptian domestic product.
The Egyptian government is seeking to repeat the experiment in five other coastal areas on the Red Sea coast, including the Ras Jamila area near the Saudi coast, in the far south of Sinai, near the islands of Tiran and Sanafir, at the entrance to the Gulf of Aqaba.
Last September, Egyptian Prime Minister Mostafa Madbouly revealed that the government had received offers to develop 5 areas on the Red Sea coast, similar to the Ras El Hekma deal. He said that the government had nothing to announce in this regard yet, but he revealed that offers had already been received regarding the areas. The fifth set by the Egyptian government, to be offered to investors.
He added: “There are requests that have been submitted, but we do not take them seriously until after negotiations and matters are completely resolved, and then we will announce that when we come up with something that can be announced.”
Egypt and Saudi Arabia have recently worked to develop their economic cooperation and pump investments. Last October, the two countries signed an agreement to protect and encourage investments between the two countries, during the visit of Saudi Crown Prince Mohammed bin Salman to Cairo. This opens the door for Saudi companies to pump billions of dollars into the Egyptian economy.
In September, the Saudi Crown Prince directed the Saudi Public Investment Fund to pump urgent investments into Egypt with a total of $5 billion as a first phase. This came after a meeting with Egyptian Prime Minister Mostafa Madbouly in Riyadh.
For his part, Madbouly said that a special unit in the Egyptian Ministry of Investment will work to pay attention to Saudi investments, noting that Egypt now has a package of reforms and investment incentives in sectors such as real estate development, industry, agriculture, tourism, renewable energy, and others.
He also pointed to the government’s success in controlling the challenges that affect financial and monetary policy and the exchange rate of the Egyptian pound.
Source: RT + Al Shorouk
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**Interview with Engineer Tariq Shukri on Investment Opportunities in Egypt**
*Interviewer:* Thank you for joining us today, Engineer Tariq Shukri. As the Undersecretary of the Housing Committee in the Egyptian House of Representatives, you’ve recently spoken about exciting investment opportunities in Egypt. Could you elaborate on the efforts of the Ministries of Finance and Investment in this regard?
*Engineer Shukri:* Thank you for having me. The Ministries of Finance and Investment are actively working to streamline processes and remove barriers that investors face. We’re optimistic that these efforts will yield positive results in the near future, helping to attract more foreign investment into our country.
*Interviewer:* There are reports suggesting that Saudi Arabia is considering investing in Ras Jamila Island, similar to the agreement between Egypt and the UAE for the Ras Al-Hikma area. Can you share any updates on that front?
*Engineer Shukri:* Indeed, there is ongoing dialogue regarding potential agreements with Saudi Arabia for various projects, including one in Ras Jamila. While discussions are still in progress, we are hopeful that we will arrive at a mutually beneficial agreement soon. Additionally, there are also prospects involving other nations for projects in our Administrative Capital.
*Interviewer:* You mentioned that Egypt is a land of opportunities. What specific measures has the Egyptian government taken to assure foreign investors?
*Engineer Shukri:* The Egyptian state is committed to attracting investments, and part of that is offering concrete guarantees to foreign nations, including Saudi Arabia and the Emirates. These guarantees exist to fully protect and secure their investments in Egypt, ensuring that they can operate with confidence.
*Interviewer:* You recently highlighted the historic agreement with the UAE to develop the Ras El-Hekma area, valued at approximately $150 billion. How do you envision this impacting Egypt’s economy?
*Engineer Shukri:* This agreement is indeed a landmark achievement for us, with the potential to significantly boost our economy. We anticipate that it will contribute around $25 billion annually to our GDP. Our aim is to replicate this success in five other strategic coastal areas along the Red Sea, including Ras Jamila, which holds similar promise.
*Interviewer:* Thank you, Engineer Shukri. Your insights paint a hopeful picture for Egypt’s investment landscape.
*Engineer Shukri:* Thank you for having me. We are dedicated to making Egypt a prime destination for investment, and I encourage both local and international investors to explore the opportunities we have to offer.