CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab on Tuesday with Oman’s Ambassador in Cairo Abdullah bin Nasser Al–Rahbi to discuss further Omani investment in Egypt.
Abdel Wahab said the Egyptian government has introduced a series of incentives for local and foreign investors.GAFI was seeking to activate co-operation between the two sides to increase Omani investments to serve the interests of Cairo and Muscat, Abdel Wahab said. The GAFI was looking forward to boosting co-operation with the Omani firms in investment.For his part, the Omani envoy said a high-level business delegation will visit Cairo soon to learn from Egyptian expertise in attracting foreign direct investment. Al-Rahbi affirmed his country’s keenness to expand investment projects in Egypt in tourism, ports, food security, real estate development and manufacturing industries, in line with Oman 2040 vision and its economic goals.Promoting investment opportunities, as well as the steps taken by the Egyptian state to improve the legislative and executive environment for investment, topped the agenda between the Omani ambassador and GAFI chairman.Abdel Wahab said many international financial institutions hailed the success of Egypt’s economic reform measures, which has improved its ranking on many indicators.
Egypt was among few countries that achieved growth despite the Covid-19 pandemic, accompanied by higher employment rate and a decrease in unemployment 7.2 per cent in the second quarter of FY2020-2021, in addition to a fall in the rate of inflation to 4.9 per cent in February 2021.
