Egyptian Government Offers Incentives To Expatriate Investors

2/28/2024 4:13:49 AM

(MENAFN- Daily News Egypt) Minister of Emigration and Egyptian Expatriates' Affairs, Soha Gendi, met with Ashraf Doss and Marwan Younis, two prominent Egyptian businessmen in the USA, to discuss how to boost the Economy with the help of Egyptians abroad.

Doss is the Chairperson of Fern Pro Global Investment, and Younis is the Executive Partner and Head of the Asset Management Sector at Zilla Capital. They presented their proposals for a joint-stock investment company that would work in various economic sectors, such as agriculture, tourism, and hospitality. The company, which has a capital of about $1bn, would involve Egyptians working abroad and aim to increase the number of tourist rooms in Egypt.

Gendi said that the meeting was part of the Ministry's role to enhance communication with Egyptian investors abroad and facilitate their entry into the Egyptian markets. She also said that the Prime Minister had approved the establishment of the investment company, which was one of the recommendations of the third conference of Egyptian entities abroad.

She added that she had previously held virtual meetings with several Egyptian investors abroad, who expressed their need for a comprehensive investment body that would manage their diverse projects. They also showed interest in the projects proposed by the Sovereign Fund, which they had learned about through the Ministry of Immigration.

Gendi confirmed the government's readiness to grant the company and its projects all the necessary incentives, which would enhance the attraction of foreign exchange to the country. She praised the contributions of Egyptians abroad in supporting the state's development plan and the strength of the Egyptian economy.

Doss and Younis thanked Gendi for her support and said that Egypt was building a new country that needed the backing of its people. They also highlighted the promising investment opportunities that Egypt offered.

During the meeting, they discussed tourism projects in South Sinai and the great development it witnessed during the tenure of President Abdel Fattah Al-Sisi. They also pointed out that it is necessary to benefit from the infrastructure that has been implemented there. For her part, the Minister of Immigration indicated that she is fully prepared to provide all support for them to implement these projects that would provide huge job opportunities for young people and increase the number of hotel rooms.

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