Kouchouk stated in an open message to local and
international investors following the signing of the Egyptian Qatari deal that
the North Coast has become an attractive destination for tourism real estate
and service sector investments which generate sustainable returns for the
Egyptian economy. He pointed out that investments in Ras El Hekma and Alam El
Rum confirm that the Egyptian economy has become more competitive and more
attractive to investment.
He added that the Egyptian Qatari project represents a model
of long term investment partnership that achieves mutual benefit for the state
and investors. He explained that the project includes USD 3.5 billion in direct
cash proceeds before the end of next December in addition to an in kind
contribution valued at USD 1.8 billion and 15 percent of net profits for the
New Urban Communities Authority. He noted that initial estimates indicate USD
29.7 billion of Qatari investments for implementing the project which will
support foreign direct investment flows.
He pointed out that Egypt is paving the way for regional and
Arab economic partnership by attracting major direct development investments
that generate strong and sustainable returns. He added that regional and
international investors are seeing attractive diverse and promising investment
opportunities in the Egyptian economy. He explained that the private sector has
demonstrated strong confidence in the potential of the Egyptian economy and the
investment climate which enabled the completion of major deals.
Kouchouk affirmed that Egypt is expanding partnership
circles with investors every day and is working with full effort to attract
further investment flows to create job opportunities. He noted that the
domestic and foreign private sector continues to prove its ability to lead
growth and development and is implementing major investments in the Egyptian
economy.
He added that economic activity development and job creation
represent the highest investment return that the state can achieve in addition
to direct returns. He explained that completing major investment deals one
after another is clear evidence that the Egyptian economy is moving in the
right direction.
Finance Minister pointed out that strong economic activity
provides additional fiscal space to reduce debt and increase spending to
provide better services for citizens. He emphasized that financial and economic
performance is improving and that indicators are moving in a positive direction
in parallel with the completion of major investment deals including the Qatari
deal.
He stated that Egypt continues to establish a stable and
attractive investment environment by simplifying tax and customs procedures and
reducing burdens on investors. He noted that the government is strongly focused
on enhancing private sector profitability ensuring competitive neutrality
attracting more investments and transferring technology.
He explained that the government is committed to directing a
large portion of the exceptional proceeds from investment deals directly to
reducing government debt. He added that the government succeeded in reducing
the debt of budget entities by around 10 percent of GDP within two years
despite the average debt of emerging markets increasing by 7 percent.