A leading Saudi investment group is considering injecting new investments into the Egyptian market worth EGP 4bn, according to Minsiter of Industry and Trade Tarek Kabil. He added that the group is currently studying the market and conducting extensive feasibility studies to select the site and products that the company will manufacture.
This came during a meeting between Kabil and Prince Turki bin Mohamed bin Fahd Al Saud. During the meeting, the prince reviewed the activities of the company and the minister presented the opportunities and incentives for investment available in the Egyptian market.
Kabil noted that Egypt is full of huge investment opportunities in the fields of automotive manufacturing, pharmaceutical waste recycling, sugar production, and spinning and weaving. He highlighted the importance of investing in the products needed for the Egyptian market that are currently being imported in order to assist in the government’s plan to provide alternatives for imported goods.
He pointed out that the company has expressed its desire to enter into the pharmaceutical and medicine industry. He commented that this industry is one of the vital sectors the ministry aims to develop—considering its direct tie to the health of Egyptian consumers. He stressed the need to establish plants to manufacture cancer treatment medicines, especially as Egypt imports $1.4bn worth of these medicines every year.
Furthermore, Kabil said that the ministry is focused on producing power from waste to run energy-intensive industries, next to the production of processed wood from agricultural waste. He explained that the incentive packages offered by the government focus on certain industries.
For his part, Al Saud said that the investment market in Egypt is promising, with many available investment opportunities across different fields. He added that the Saudi group has secured the capital needed to begin investing in different industrial sectors in Egypt, noting that the group is currently studying the type of projects that will be implemented.
He pointed out that the political stability witnessed by Egypt at the present time will have the greatest impact on achieving an economic and investment start for Egypt during the next stage.