Saudi's Fawaz al-Hokair Group to double its investments in Egypt

Saudi Arabia's Fawaz al-Hokair Group plans to double its investment in Egypt. The group's representatives expressed their desire to inject new investments in the coming period through the Egyptian Centers for Real Estate Development Company, which plans to build three commercial centers in the new administrative capital and the cities of New Cairo and Tanta, as well as completing the second phase of Arabs Mall's project in 6th of October City. The value of investments in this phase is estimated at LE 1.2 billion (about US $ 70 million), while the level of investments in the first phase reached LE 4 billion.

The Egyptian Minister of Investment and Cooperation, Sahar Nasr, welcomed the increase in the investments of Fawaz Al Hokair Group in Egypt, stressing on taking the necessary measures to provide an attractive environment for investment and improving the business environment as priorities, which will contribute to enhancing the efforts to promote the economy and achieve the desired growth rates.

"The ministry is keen to provide support to support the private sector and to encourage Arab investors to double their investment in Egypt and to ensure the progress of all investments, which will overcome the challenges facing some projects and boost investment and development in different sectors of Egypt," the minister added.


Nasr explained that her ministry works on developing an investment map in coordination with all ministries, which will include investment opportunities in the provinces, including airports, ports and industrial zones and free and investment in front of Arab and foreign investors, to coincide with these opportunities with Egypt's vision to achieve the goals of sustainable development.

The Egyptian government began consultations with the World Bank mission currently in Cairo on the disbursement of the third tranche of the $ 3 billion loan approved by the Bank.

Nasr met with mission's officials visiting Egypt to negotiate a third tranche of $ 1 billion in funding to support the government's economic reform program. The mission's visit confirms the government's reforms to improve the investment climate in Egypt.