Egyptian President promotes investment on first official UAE visit

Egypt is open for business, President Abdel Fattah El Sisi told potential investors on Monday on his first official visit to the UAE.

“We welcome you in Egypt and will provide appropriate investment atmosphere. There are genuine investment opportunities in Egypt,” Mr El Sisi told an audience of businessmen in Abu Dhabi.

The Cairo government alone could not meet Egypt’s economic ambitions, he said. “Hence comes the role of Egyptian, Arab and foreign investors to upgrade the Egyptian economy.”

Mr El Sisi particularly urged Egyptian businessmen in the UAE to invest in their home country. “The government of Egypt will remove all obstacles facing the investors by easing licensing procedures and other measures. You are invited to invest in Egypt along with Emirati and Arab investors.”

Mr El Sisi said previous barriers to foreign investment, such as corruption in issuing investment licences, had been removed, and Egypt would also implement a unified investment law before hosting a major economic conference in March.

Earlier, Mr El Sisi had been welcomed to the UAE by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

There was an official welcome ceremony with 21-gun salute at Al Mushrif Palace in Abu Dhabi, attended by the Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid.