Egyptian government ministers have held talks with the Abu Dhabi Investment Authority as Egypt targets USD 20 billion in foreign investment in the next 3 years.
Mr Rachid Mohamed Rachid Egypt''s minister of trade and industry and acting minister of investment said that ministers held negotiations with ADIA about investment in joint venture funds in the country and also discussed opportunities to invest in infrastructure projects.
Mr Rachid said that there is a lot of interest from ADIA about investing in Egypt and ADIA is also already an investor in Egypt including investment companies and financial firms. We are offering ADIA the opportunity to invest in joint venture funds we are creating in Egypt and negotiations are continuing on that.
ADIA had also been presented with opportunities to invest in four so called mega projects Egypt is creating, spanning industry, infrastructure and property, to spur economic development and build jobs. The UAE is already the third largest foreign investor in Egypt with the country''s investment amounting to 13% of the total capital of Egyptian business.