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Investors praise current economic reforms taken by Egyptian government - Daily News Egypt

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Investors praise current economic reforms taken by Egyptian government

Chairperson of Rotana Hotel Management Corporation Nasser Al-Nowais said that there is great interest from the Egyptian government in the Saudi private sector. Al-Nowais added, during the 3rd Egypt Investment Forum, that the Egyptian government has encouraged investments through some reforms, such as liberalising the exchange rate, lifting subsidies, and seriously solving the problems of …


Chairperson of Rotana Hotel Management Corporation Nasser Al-Nowais said that there is great interest from the Egyptian government in the Saudi private sector.

Al-Nowais added, during the 3rd Egypt Investment Forum, that the Egyptian government has encouraged investments through some reforms, such as liberalising the exchange rate, lifting subsidies, and seriously solving the problems of investors, which led Rotana Hotels to pay attention to the establishment of investment projects in Egypt.

“We see that there are also encouraging indicators to invest in the tourism sector. The number of tourists before the revolution was 15 million, and after the 30 June revolution, reached 5 million. However, recently, the number reached 7.5 million tourists,” noted Al-Nowais.

For his part, Executive Manager of GLC Paints Mohamed Amin ElHout said that the company’s expansion plan is to take Egypt as a gateway to export to the African market through its strategic location and the agreements signed with various countries.

ElHout added that the company will make several internal expansions according to the Egyptian government’s plan, especially after President Abdel Fattah Al-Sisi announced Egypt’s Vision 2030, through the development of a five-year plan according to the vision set by the government.

ElHout pointed out that Egypt is witnessing a boom in the real estate market and establishing many megaprojects such as the New Administrative Capital.

He noted that GLC is one of the largest paint factories in Egypt, pointing out that the Egyptian market can be easy but difficult to manage, as it requires quality of products at very competitive prices.

Country Development Director at ACWA Power Hassan Amin said the company owns power plants worldwide, worth about $35bn with a capacity of 25,000 MW, noting that it have been operating for 14 years.

Amin noted that renewable energy in Egypt is witnessing a major breakthrough during the current period, as a result of the introduction of several projects to investors in different systems.

He added that there are energy projects operating in several systems, the first of which is engineering, procurement, and construction (EPC), through which an investor designs, finances, and constructs the project. He called for diversifying financing methods, including the build-own-operate system, in which the investor implements and finances the project and sells produced energy to the government.

He praised the government’s approach of offering renewable energy projects through energy purchase tariffs and competitive bidding projects.

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https://dailyfeed.dailynewsegypt.com/2018/02/04/investors-praise-current-economic-reforms-taken-egyptian-government/
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