The UN Business & Sustainable Development Commission (BSDC) released a report indicating a rapid shift towards sustainable business strategies in the Middle East and North Africa, which will create investment opportunities worth $637bn and 12.4 million jobs by 2030.
The report, announced at a presser on the sidelines of a conference organised by the American Chamber of Commerce in Egypt (AmCham) entitled “Better Business, Better World”, stated that companies that pursue strategies consistent with the 17 Global Goals for Sustainable Development—such as eradicating poverty and improving education and health—can open up prospects for economic opportunities in 60 hotspots, worth over $12tn that would create 380 million jobs globally by 2030.
The report presented an analysis of the economic value of four sectors in the Middle East and North Africa region, which together are valued at $637bn. These sectors are: energy and raw materials ($229bn), the construction of cities ($183bn), health ($133bn), and food and agriculture ($92bn). The report added that there are 20 opportunities available for the development of these sectors. The report covers North African countries, namely Egypt, Libya, Algeria, Tunisia, and Morocco, next to 14 countries in the Middle East: Bahrain, Iran, Iraq, Palestine, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, UAE, Sudan, and Yemen.
Meanwhile, AmCham Vice Chairperson and Managing Director Tarek Tawfik stressed that foreign companies, including US companies, are willing to invest in Egypt, due to the potential and huge volume of the market.
He noted that Egyptians reside on only 8% of the total area of Egypt, which confirms that a possibility exists for further construction and investment in yet-untapped regions.