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Tue 28 Jan 2020 03:05 PM

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UAE tycoon Al Habtoor sees 'thriving' investment potential in Egypt

Khalaf Ahmad Al Habtoor calls for further legislative reforms and tax incentives to improve foreign direct investment in Egypt

UAE tycoon Al Habtoor sees 'thriving' investment potential in Egypt

Khalaf Ahmad Al Habtoor, founding chairman of Al Habtoor Group.

Khalaf Ahmad Al Habtoor, founding chairman of Al Habtoor Group, has revealed he is keen to increase investments in Egypt but called for further legislative reforms and tax incentives to improve foreign direct investment in the country.

Al Habtoor, who is regular visitor to Egypt, said the country has "thriving investment potential".

His comments came as he received MP Alaa Abed, chairman of the Egyptian Parliament’s Human Rights Committee, at the Al Habtoor Group HQ.

Al Habtoor said he and Abed discussed investment possibilities in Egypt and its current economic climate.

According to a statement, they deliberated over the present investment climate in Egypt, its economic trends, the problems faced by prospective investors, and the current government policies surrounding investment.

Al Habtoor expressed keen interest in an improved investment milieu, backed by proper legislative and structural reforms by the Egyptian government and private sector, it added.

Al Habtoor said: “I am very fond of Egypt and consider it my second home. The country offers huge potential and is on the right path to recovery, attracting investors from different industries, generating business and job opportunities for local communities. I firmly believe Egypt has thriving investment potential — further legislative and bureaucratic reforms, and tax incentives would pave the way for improved foreign direct investment.”

In 2017, Al Habtoor acquired a heritage property in Helipolios for personal use, once owned by the late King Faisal Bin Abdulaziz Al Saud, former ruler of Saudi Arabia where he received several world leaders.

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