Egypt's Investment Minister meets SEDD delegation

The meeting was attended by Mr. Khalid Muqalad, Business Development Manager at Ruwad Institution in Sharjah, the head of the Egyptian Investment Committee, the Egyptian Minister's Consultant for Capital Market Affairs, the Egyptian Vice President of the Financial Control Committee, as well as a number of external investment experts and specialists.

Said Al Mahmoud of the meeting: "Coordinated efforts between Arab countries have always been identified as a set goal to develop the Arab economy. It is also a driving force for us to establish partnerships with other Arab entities to ultimately service the customer and to generate genuine Arab investments in order to create an Arab business community that is able to keep up with international competition standards.

"It was suggested during the meeting that a permanent committee be established to enhance the current investment climate, and that a mechanism be devised to promote investments within private and specialized districts. We are committed to making this mechanism, which will cater to the needs of investors in both the emirate of Sharjah and the Arab Republic of Egypt, an effective one,"

added Al Mahmoud.

Said Mohieldin: "A permanent committee was suggested at the meeting to develop investments and enhance the existing investment climate through effective collaboration. This committee will be aimed at developing investment and Gross Domestic Product (GDP), as well as at enhancing payment balances in order to support collaborative work between Arab countries."

During the meeting, Al Mahmoud presented participants with a detailed description of Sharjah in the fields of economy, social affairs, as well as governmental institutions, while focusing on the importance of partnerships between the UAE and Egypt on both a governmental and private sector level. Al Mahmoud revealed a rapid increase in commercial trade exchanges, which reached Dhs1046.4m in 2008 compared to Dhs266.4m in 2007, while Egyptian exports to Sharjah reached Dhs175.3m in 2008 compared to Dhs126m in 2007.

Al Mahmoud also praised Egyptian participation in the exhibitions and conferences held in the emirate, whether that participation was in the number of partakers, the number of exhibitions and conferences attended, or the quality of products presented at these events.

He noted the importance of investment opportunities shared by both countries, especially those related to the development of small and medium-sized institutions, which is a core objective of the collaboration between the emirate of Sharjah and Egypt.

In turn, Mohieldin reviewed the pivotal role of GCC investment funds, and noted the significance of directing these investments regionally to support further investment in the Arabic region and to develop industrial education. He also remarked on the vast increase in the size of UAE investments in Egypt due to the continued success of these investments in the Egyptian market.

"The emirate of Sharjah is considered the Capital of Islamic Culture," said Mohieldin , "so we are looking for translation, publication and human resource skills, in collaboration with the Egyptian Ministry of Universities and Higher Education. Supporting small and medium-sized institutions can be achieved through continued collaborations with the Egyptian Young Businessmen Association, Ruwad Institution and related expert economic institutions in both Sharjah and Egypt."

Mohieldin and Al Mahmoud reviewed the timeline required to achieve their shared goals, noting the importance of naming suitable specialized companies from both sides in order to achieve these goals according to targeted economic business factors.

The UAE is the third biggest country investor in Egypt, with investments totaling $4.01bn, as at August 2009, and the participation of 451 Emirati companies and institutions. Egyptian companies and institutions in Sharjah, on the other hand, are estimated at 2487, with 640 commercial licenses, 1812 job licenses and 35 industrial licenses. These commercial relationships are vital, supporting the investment climate and opportunities in both Sharjah and Egypt.

At the end of the meeting, Al Mahmoud expressed Sharjah's continued gratitude towards Egyptian investments, explaining that further collaboration can achieve sustainable economic visions for both sides.