The Emirati political leadership has directed injecting investment into Egypt directly, seeking possible investment opportunities, said Chief Growth Officer (CGO) of the UAE’s Mubadala Petroleum Mansoor Al Hamed on Wednesday.
Al Hamed explained that they are not only looking into oil and gas but across several sectors, especially, renewable energy and construction.
His statements came during a meeting with Minister of Investment and International Cooperation, Sahar Nasr, according to a Wednesday statement.
Mubadala Petroleum is the oil and gas arm of Mubadala Investment Company, which is owned by the government of Abu Dhabi, with $229bn assets under management. In June 2018, the company bought a 10% stake in Eni’s Zohr gas field.
According to the statement, Al Hamed praised Egypt’s investment climate and the incentives offered to investors.
Nasr explained that Emirati investments in Egypt recorded $7.2bn, through 1,165 companies across various fields including real estate, tourism, entertainment, oil, energy, food, agriculture, and information technology.
In 2018, Italy’s energy giant Eni agreed to sell 20% participating interest of its Noor gas field to Mubadala Petroleum. Noor gas field is located in the North Sinai offshore concession. Eni holds an 85% stake in the concession alongside Tharwa Petroleum Company, which holds 15%.