RIYADH: Egypt is implementing a slew of measures to overcome the economic challenges the country is facing. From attracting more private participation to reviving the country’s key sectors such as transportation, energy, imports and exports, the government is looking to do everything to bring its economy on track. Additionally, it’s trying to attract regional players such as UAE’s Aldar Properties which is eyeing investments in the African country.
Energy
Egypt is planning to expand the establishment of car fueling stations with natural gas, according to the Ministry of Petroleum & Mineral Resources.
Stock market
Egypt is planning to list its military-owned firms on the stock market towards the end of 2022, as well as advance private sector participation in state-owned assets, Bloomberg reported.
The African country is taking swift measures to curb the current economic crunch as the war between Russia and Ukraine pushed the prices of food and energy up.
Private sector
Egyptian president Abdel-Fatah Al-Sisi has allocated as much as $10 billion per year in the coming four years to boost the participation of the private sector in state-run businesses, Reuters reported.
He has urged the government to set a program in order to adequately implement this.
Transport
Egypt’s ministry of transport and the Suez Canal Authority are in talks regarding the construction of an Egyptian fleet of bulk carriers and assistive vessels, local newspaper Egypt Today reported.
President Al-Sisi has requested that an Egyptian fleet be built to support the transportation of imports and exports.
Investment
UAE real estate development firm Aldar Properties’ CFO Greg Fewer has announced that both Saudi Arabia and Egypt pose as focused geographies for investment in 2022 outside the UAE, Reuters reported.
The firm is expecting to deploy as much as 5.6 billion dirhams ($1.5 billion) this year.
