President Sisi affirms readiness to support India’s Adani Group in planned Egypt projects

CAIRO – 27 January 2023: Egypt’s President Abdel Fattah El-Sisi stressed his readiness to provide all necessary support to India’s Adani Group and its planned future projects in Egypt, in particular through cooperation with the Sovereign Fund of Egypt, the Presidency said in a statement.

In a meeting with Chairman of Adani Group Gautam Adani on Thursday in New Delhi, Sisi welcomed the group’s interest in investing in Egypt, shedding light on modern port chain Egypt has established on the coasts of the Mediterranean, the Red Sea and the Gulf of Suez.

Adani Group chairman confirmed the Group's interest to step up cooperation with Egypt, in light of the strong and supportive political will at the highest level to further development in a conducive and stable investment climate.

This is consistent with the Adani Group’s endeavors to expand globally, in the light of its new strategic orientation, Adani said.

The group is exploring and studying attractive investment opportunities in many emerging markets in India's friendly countries, Adani said, stressed his intention to forge partnerships between his group and the Sovereign Fund of Egypt, given the Fund's multiple activities and resilience.

The meeting discussed investment prospects for the Adani Group in the infrastructure sectors in Egypt, the Presidency said.

This includes particularly the port and airport sectors, the new and renewable energy complexes and their transmission and distribution networks, the data centers and their marine and ground cable networks, as well as industrial zones for the production of green hydrogen and its derivatives, the Presidency explained.

Adani is a leading integrated business conglomerate, which owns a system of companies operating in various sectors, particularly infrastructure.

Egypt made a three-day visit to India during which he held talks with Indian Prime Minister Narendra Modi, President Droupadi Murmu and Indian businessmen.

Sisi also participated in India’s 74th Republic Day as chief guest as per an invitation by Modi.

Indian investments in Egypt currently stands at $3.15 billion. Sisi and Modi agreed on encouraging companies in each of the two countries to explore economic and investment opportunities in the other country, a joint statement read.