An Egyptian-Bahraini business delegation meets the Governor of the Central Bank and visits the Suez Canal Economic Zone, the General Authority for Investment and the Federation of Industries
Engineer Ali Issa, President of the Egyptian Businessmen Association, and his Bahraini counterpart Ahmed Bin Hindi, President of the Bahrain Businessmen Association, inaugurated yesterday, Tuesday, the Egyptian-Bahraini Business Forum, with the participation of the Ambassador of the Kingdom of Bahrain to Egypt Hisham bin Muhammad Al-Jowder, and Minister Plenipotentiary Muhammad Zia, Director of GCC and Yemen Affairs at the Ministry of Foreign Affairs. Foreign Ministry and engineer Yahya Zaki, head of the Suez Canal Economic Authority.
A delegation of 22 businessmen and heads of major Bahraini companies in the sectors of real estate development, contracting, building materials, industry, trade, banks, textiles, furniture, medical supplies, chemicals, marble and others participated in the forum.
The forum included listening sessions on investment in the Suez Canal Economic Zone, new urban cities and the projects of the Sovereign Fund of Egypt, where they discussed opportunities for Bahraini partnership and investment in various economic sectors.
The Egyptian Businessmen Association prepared an agenda for the most important meetings and visits of the Bahraini delegation, where a meeting was held with the Governor of the Central Bank of Egypt, Engineer Tarek Amer. And the establishment of branches of Egyptian banks in Bahrain.
The delegation also met with the President of the Federation of Industries, Muhammad Al-Suwaidi, and a meeting was held with Counselor Muhammad Abdel-Wahab, CEO of the General Investment Authority, during a visit to the authority’s headquarters to introduce the investment map and the Investor Services Center, with the aim of promoting various investment opportunities.
Today, Wednesday, the Egyptian Businessmen Association organized a visit to the Suez Canal Economic Authority, where the Bahraini delegation met with Major General Mohamed Shaaban, Vice President of the Suez Canal Economic Zone, and visited the Chinese Industrial Zone and the Investor Services Center.
The delegation will also meet today with Minister of Trade and Industry Nevin Jameh, while a visit to the New Administrative Capital is scheduled to be organized to learn about investment opportunities in the New Administrative Capital.
During the Egyptian-Bahraini Forum, Engineer Ali Issa, head of the Egyptian Businessmen Association, stressed the depth and distinction of relations at the level of businessmen in the two countries, which dates back to 2004 through an initiative by the heads of the two associations at that time to establish the first joint council, where cooperation, trade and investment relations witnessed remarkable activity over the years. The first of the establishment of the joint council.
Issa referred to the efforts of Ambassador Yasser Shaaban, Egypt’s ambassador to the Kingdom of Bahrain, to resume the meetings between the two sides to enhance the bonds of communication and cooperation through work visits and sectoral meetings to promote investment opportunities available in the construction and development sector, as well as the financial and banking sector, explaining that the result of these efforts came the visit of a delegation of companies The Bahraini company owns about 22 companies operating in various economic and service sectors, including industry, commerce, banking and real estate investment.
Ahmed bin Hindi, head of the Bahrain Businessmen Association, stressed that the business community in the two countries has made great strides during the past two years in developing economic relations and achieving the political leadership’s desire to increase trade exchange, open new horizons for cooperation, and strengthen partnerships through joint meetings between the two associations to promote investment and trade opportunities, as well. Several virtual meetings in a sectoral manner, which identified the actual needs in the priority sectors and set an agenda for joint investment opportunities.
Bin Hindi called on the Egyptian Businessmen Association to visit the Kingdom of Bahrain and to continue efforts in promoting the opportunities available to both sides, as well as exploiting the capabilities, incentives and facilities that the Kingdom enjoys in attracting foreign investments, including tax concessions and the free transfer of capital and profits and the establishment of companies, whereby foreigners were able to own companies by 100%. As well as trade agreements with 22 countries.
Minister Plenipotentiary Muhammad Diaa, Director of Gulf Cooperation Council and Yemen Affairs at the Ministry of Foreign Affairs, said that the establishment of this forum reflects the depth and specificity of relations between Egypt and the sisterly Kingdom of Bahrain and the aspirations of the business community to open important areas for investment and to support and strengthen relations in all fields, especially the economy. Egypt’s support for its brothers in the Arab countries and the Arab Gulf states in particular, and we are on our firm position that the security and stability of the Gulf is an integral part of the Egyptian national security.
Zia also referred to the development of bilateral relations and their distinction at various levels, both at the level of communication between the political leadership, the government and the private sector in the two countries, which culminated in the Bahraini King’s visit to Cairo and his meeting with President Abdel Fattah Al-Sisi last September, in addition to the convening of the eleventh joint committee during the second half of January next.
He pointed to the role of officials from both sides in intensifying cooperation in the economic fields between the two countries and Egypt’s recent economic reforms and facilities, which was reflected in the volume of trade exchange, which amounted to about $500 million.
Ambassador Hisham bin Mohammed Al-Jowder, Ambassador of the Kingdom of Bahrain to Egypt, pointed to the distinguished cooperation at the level of businessmen and the improvement in trade and investment figures, which reflected the two countries’ desire to advance economic cooperation, explaining that Bahrain ranks 16th in the list of countries investing in Egypt with about $3.2 billion in 216 projects in Egypt. Various sectors, including 750 million dollars, investments by about 10 companies in the financial and banking sector.
Engineer Yahya Zaki, head of the General Authority for the Suez Canal Economic Zone, said that the strategic plan for the zone is based on establishing a global economic center and an attractive front for investment to translate the state’s vision in providing good job opportunities for Egyptian and foreign companies by creating an investment climate.
Zaki explained that the economic zone of the Suez Canal includes 6 ports, there are 14 industrial developers, 100,000 direct job opportunities, and 250 facilities, the majority of which are in productive industries and service sectors.
He pointed out that the study for the establishment of the economic zone relied on linking it to the ports and governorates of Cairo, the Delta and the New Administrative Capital with the cities and governorates of the Canal through the network of roads and tunnels and to bring about integration of projects to ensure the success of the economic zone in performing its role in attracting investments and reaching African and international markets to increase exports, as the region has its capacity To reach Africa as a gateway for trade and investment, in addition to its trade agreements covering about 200 billion consumers, excluding the local market of 100 million individuals.
He added, the economic zone combines the advantages of export and investment in the local market through a set of incentives compared to free zones, including tax and procedural incentives, huge investments in infrastructure, power and gas stations and utilities, as well as integrated industrial services, and a group of 15 service and production sectors representing the priority and most important sectors. For Egypt and the needs of the world such as ship catering, data centers, spinning and weaving industries and other various projects.
During the special sessions to discuss investment opportunities in the construction sector, real estate investment and the economic sectors of the Sovereign Fund of Egypt, Eng. Fathallah Fawzy, Vice President of the Association and Head of the Construction Committee of the Businessmen Association, said that Egypt witnessed an urban and civilized renaissance that led to a doubling of the urban area to 17% to accommodate the population increase in addition to To the state’s achievements in establishing new cities, which have changed the investment climate in Egypt in the areas of urban development in terms of various opportunities and facilitating procedures for obtaining land within a month for the work of real estate projects in all fields, in addition to the promising opportunities owned by the Sovereign Fund of Egypt in real estate investment besides Sub funds in important economic and service sectors.
Dr. Ayman Soliman, CEO of the Sovereign Fund of Egypt, stressed that the fund is an entity that is completely aligned with the participation of the private sector and the goals of sustainable development for Egypt by working on the sustainability of profitability and economic resources through building investment portfolios that depend on the elements of financial sustainability as an integral part in building portfolios, which is efficiency, management and maximizing profitability. In addition to sectors that serve the state’s strategy for sustainable development, such as green economy projects such as renewable energy and the growth of the Egyptian economy.
He added that Egypt and Bahrain have elements that enhance economic integration and come among the Fund’s priorities, such as the pioneering economy in the financial field, the movement of Gulf, Asian and European capitals, service activity, and benefiting from technical cadres and Bahraini expertise in the banking and financial sector.
He explained that real estate investment is based on the re-employment of real estate portfolios in Egypt in directions that serve the business environment and the state’s aspirations to develop the education sectors and the small and medium-sized companies sector, as well as banking service projects that enhance financial and service inclusion to provide the financial needs of young people such as the digital economy segment, insurance and retail trade, as well as exploiting Archaeological and governmental buildings for the purposes of education, design and creativity, which enhance the attractiveness of some areas for start-ups, small and medium-sized companies, entrepreneurship and projects with the Ministry of Supply in the field of strategic grain stores, the Unified Procurement Authority to provide vaccines and medical tools and other government agencies.
Dr. Walid Abbas, Assistant Minister of Housing for New Urban Communities Affairs, said that the Ministry of Housing has worked since 2015 to achieve the great challenge in implementing an ambitious urban and civil plan aimed at establishing 37 new cities by working on two axes, the first being the establishment of new cities and creating job opportunities for Egyptian companies in different sectors Through projects in the housing sector, construction, infrastructure, utilities and the road network, which are huge opportunities to attract foreign and local investment.
Abbas added, to implement the state’s urban development plan, the investments directed were divided into 3 phases, namely, the establishment of 17 cities in the first phase, which was 95% completed, in addition to projects linking the network of utilities, services and roads to existing cities and providing an economic base for each city to sustain production, service activity, and economic and social returns. .
He continued, while the second phase includes the implementation of 14 new cities, where it has started with a completion rate of 30%, while the third axis depends on the safe development of existing cities and the settlement of individuals and their transportation from dangerous and random places, as well as the work of a national plan to link the delta, Upper Egypt and coastal coastal cities.
He explained that the authority presents the allocation of lands by different systems, including the allocation by request, and it is done on a monthly basis by specifying the plots of land on the website of the New Urban Communities Authority, in addition to offering the participation system.
Abbas confirmed that about 14 plots of land will be offered in the partnership system with the private sector next month, with areas ranging from 50 acres to 500 acres between Sheikh Zayed, October, New October and New Cairo.
He added, the authority is also issuing a ministerial decision and land planning at a rate of one and a half decisions per day, with a total of 277 during the current year, in addition to removing all obstacles that lead to the reluctance of real estate investors, pointing to the availability of many investment opportunities in new cities in addition to projects for the private industrial developer.
Sameh Habib, Head of the Development and Development Sector at Al-Ahly Sabbour Real Estate Development Company, reviewed the company’s achievements and projects in the field of development and real estate investment in Egypt, explaining that “Sabbour” for real estate development since its establishment in 1994 at the hands of the late consultant engineer Hussein Sabbour and its transition to the second generation headed by Eng. Ahmed Sabbour adopts the service of state projects and its vision of integrated and sustainable urban development and the expansion of real estate investment for medium and luxury housing, which reflects the distinguished partnership between the private sector and the government, especially in the field of real estate development. He stressed that the Egyptian private sector has a leading role in achieving sustainable economic development in cooperation with all economic authorities in the country.
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