The Lebanese investment firm M1 Group announced its intention to invest in Egypt during a meeting gathering the Group’s Chairperson Najib Mikati with Egyptian Minister of Investment and International Cooperation (MIIC) Sahar Nasr, during her visit to Lebanon, according to Sunday’s ministry statement.
M1 Group’s world investment is estimated at $3bn ranges between services, industry, information and communication technology (ICT) sectors, the statement added.
During the meeting, Nasr reviewed Egypt’s investment opportunities in various fields, particularly megaprojects in different governorates, affirming that her ministry has offered all available investment opportunities on the country’s online investment map, which is regularly updated on the ministry’s website.
The meeting was attended by Egypt’s ambassador to Lebanon Nazih El-Nagari, and Head of trade representation office at the Egyptian embassy in Lebanon Mona Wahba, as well as other Lebanese business leaders.
Lebanese investments in Egypt reached $670m through 1,645 Lebanese firms operating the fields of services, industry, construction, oil, tourism, and agriculture, said Nasr.
For his Part, Mikati said that Egypt’s relations with Lebanon are unique, pointing out that Egypt has a major investment advantage represented in its huge consumer market.
Over the past three days, Nasr met with high-level Lebanese officials during her participation in the 4th Egyptian-Lebanese Business Forum held in Beirut. She also met with Lebanese Prime Minister Saad Al-Hariri and Minister of Economy and Trade Raed Khoury, among others.