CAIRO - 15 November 2023: CEO of the Qatari Al Mana Group, Saud Omar Al Mana, has announced plans to inject nearly $60 million into the Egyptian market in 2024.
The announcement was made during the Qatar Egypt Investment Forum, which saw the presence of high-ranking officials and business leaders from both countries.
The Qatar Egypt Investment Forum, inaugurated by Minister of Trade and Industry Ahmed Samir yesterday, serves as a platform to foster economic cooperation and explore investment opportunities between Qatar and Egypt.
During the forum, Qatar's Minister of Commerce and Industry, Mohammed bin Hamad bin Qassim, disclosed that Qatar had already invested over $5.5 billion in Egypt's financial, real estate, and energy sectors.
Al Mana revealed that a significant portion of the fresh investments would be directed towards the establishment of a car assembly plant in Egypt. While the specific brand has yet to be determined, Al Mana emphasized that it would be a Chinese brand, chosen to cater to the demands of the local market.
The CEO of the Al Mana Group also expressed keen interest to invest in the Suez Canal Economic Zone, citing the numerous investment and export incentives available in the area. This indicates a potential focus on expanding business operations within the region.
In an interview with Asharq Bloomberg on the sidelines of the Qatar - Egypt Investment Forum, Al Mana further disclosed that his group is actively exploring investment opportunities across various sectors.
During the event, Minister Ahmed Samir oversaw the signing of several agreements and memorandums of understanding between Egyptian companies and their Qatari counterparts. These collaborations spanned multiple sectors, including real estate, food industries, and automobiles, demonstrating the growing economic ties between the two nations.
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