CAIRO – 26 November 2023: Egypt and Oman are currently in talks establish an Egyptian-Omani investment fund to inject funds into a number of industries such as agriculture, food manufacturing, and pharmaceuticals.
This was announced in a meeting with Egypt’s Minister of Planning and Economic Development Hala El Said and Oman’s Minister of Commerce, Industry & Investment Promotion, Qais bin Mohammed Al Yousef to enhance cooperation between both countries.
Planning minister highlighted that Egypt benefited from the experience of the Omani Fund when establishing the Sovereign Fund of Egypt as the Omani fund is one of the oldest sovereign funds.
Al Yousef stated that his visit to Egypt included meetings with a number of ministers and state officials and it was agreed to form a technical team to integrate in the industrial sector between both countries. The meeting also discussed the free trade agreement and building on it.
In May 2023, Minister of Trade and Industry Ahmed Samir said that trade between Egypt and Oman increased by 60 percent to reach $1.08 billion in 2022, up from $651 million in 2021.
Samir also added that Omani companies operating in the industrial, tourism, construction, and agricultural sectors have invested $80.5 million across 110 projects in Egypt.
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