Egyptian expats to soon invest in high-return national projects through new company

Expats will be able to buy shares in the company, whose name will be Egyptians Abroad for Investment, Gendy said.

The minister made her remarks during the fourth edition of the Egyptians abroad conference that was held in Cairo on Monday to discuss economic, political, and social issues faced by Egyptians living abroad.

An online form has been prepared to seek the opinion of the Egyptians abroad about the company’s main fields of work, Gendy said.

Also, a list that includes investment opportunities has been handed to the investors abroad, while another list of agricultural, livestock and tourism investment opportunities will be presented, she added.

Gendy had previously stated in March that the government will not interfere in the company’s management or its financial decisions, which will be fully managed by experienced expats.

$1 billion issued capital
 

During the conference, the founding investors revealed that they plan to offer shares of the company for $1,000 each.

“We seek that the company's issued capital be $1 billion with the paid-up capital by the founders being $100 million,” businessman Hassan Al Jarrahi, chairman Al-Amal Printing Company in Saudi Arabia and a member of the company’s founding board, said.

“The remaining [shares] will be offered in IPO for $1,000 per share and will be available to all [Egyptian expats],” he added.

Ebrahim Ezzat, an Egyptian businessman in Austria and CEO of Lacto Misr, said the founders will seek to make the company one of the biggest in Egypt and the region by offering it on the Egyptian and international bourses.