UAE's Al-Thani considers expanding in Egypt

CAIRO – 5 November 2017: Minister of Investment Sahar Nasr discussed Sunday with Emirati businessman Abdulla Saeed Al-Thani, Chairman of Al-Thani Investments, boosting his investments in Egypt.

In a meeting at the ministry, Nasr and Al-Thani reviewed possibilities of expanding the company's business in Egypt, which focuses on gold mining and exploration, as well as removing obstacles facing the firm.

Al-Thani Investments is working on gold mining in the Eastern Desert of Egypt, in cooperation with the Ministry of Petroleum and Mineral Resources.

UAE's businessman praised improving the investment climate in Egypt in light of the economic reform measures.

Gulf investors seemed to be returning to the Egyptian market. Saudi business tycoons Abdulrahman Sharbatly and Sheikh Fahd El-Shobokshi announced their intentions in August to invest $2.15 billion in the Egyptian market.

Sharbatly’s son, Hassan Sharbatly, disclosed his intentions to invest $2.15 billion in Sharm El-Sheikh and Hurghada projects in addition to a cement project.

Egypt is working to facilitate investment procedures especially for Saudi investments, in light of the Egyptian-Saudi Business Council’s plan to raise their investments in Egypt to $51 billion in both government and private sector.