The Egyptians Abroad for Investment and Development Company aims to launch the first fund of its kind in Egypt to invest in the field of logistical services.
Vice Chairperson and CEO of the company, Hashem ElSayed, told Daily News Egypt that his company started carrying out intensive studies to establish a new investment fund that invests in logistical services in Egypt.
This kind of investment is especially focused on dry ports to serve the export and import movement, as well as to loosen the measures enforced on vessels in marine ports and provide storage space, transportation services, and other advanced logistical services.
He pointed out that Egypt is very behind in terms of establishing dry ports, especially with development in the world of transport and trade and the state’s plan to give Egypt back its leading position in the world trade movement.
Therefore, these ports are expected to receive huge investments and projects during the coming period.
He revealed that the initial target size of the fund is about EGP 2bn and that it is expected to be launched in 2020.
The board of directors of Egyptians Abroad company has agreed to start the necessary procedures to obtain a license that would allow them to practice the investment funds activity.
He added that dry ports, transport services, and storage areas have become necessary to revive the trade movement and Egyptian exports. This is after it was proven that customs warehouses cannot accommodate goods and containers, because they are left for long periods on berths at seaports. This delay damages goods.
The global trade movement has led to an increase in the demand for transport services and created a need to develop them. Therefore, the company aims to establish a fund to provide logistical services through an integrated system that includes transportation and storage space.
The general authority of land and dry ports owns seven land plots to establish logistical hubs in the cities of 10th of Ramadan, New Borg Al Arab, Sixth of October, Sadat, New Sohag, New Beni Suef, and New Damietta.