Saudi Sharbatly Group plans to invest $2.5bn in Egypt within next 5 years

CAIRO: The Saudi Sharbatly Group plan to invest $2.5 billion into the Egyptian market over the next five years.

Egyptian Prime Minister Mostafa Madbouly held a meeting with Saudi investors Hassan Abbas Sharbatly, CEO of Al-Nahla Group, and Fahd El Shobokshi, chairman of the board of Al-Ahly for Investment and Development. Also present at the meeting were Minister of Tourism and Antiquities Khaled Al-Anani, Minister of Planning and Economic Development Hala Al-Saeed and Chairman of the Tourism Development Authority Serag El Din Saad.

During the meeting, the two Saudi investors presented a report on the current position of private investments by the Saudi Sharbatly Group in Egypt, as well as future plans to increase these investments during the coming period.

Sharbatly confirmed that about $2 billion has been invested by the company in Egypt over the last 15 years, and it plans to invest about $2.5 billion in the next five years.

He pointed out that despite the economic impact of the coronavirus disease (COVID-19) pandemic, the company had signed a number of new contracts, including one worth $500 million, and is preparing to sign another contract worth $150 million.

Madbouly affirmed that the government welcomes all those wishing to invest in the Egyptian market and continues to work to attract more foreign direct investments, especially those that boost job opportunities.

Earlier this month, the Egyptian government met with 100 of the largest foreign companies operating in-country in a bid to encourage investment in the local market over the next five years. Nader Saad, the Egyptian cabinet spokesman, said many of the firms attending the meeting announced plans to inject finance into the Egyptian economy.

The list of companies included UAE property developer Emaar, which made new investments of 40 billion Egyptian pounds ($2.55 billion), and South Korean technology conglomerate Samsung, which said it planned to increase its investments by $84 million within five years.

American pharmaceutical giant Pfizer, one of the major brands behind the development and distribution of the COVID-19 vaccines, also said it planned to boost its investments by $70 million during 2021.