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Egyptian official: Gulf countries concerned about exchange rate, Saudi Arabia leads as biggest investor.

Hossam Haiba, head of Egypt’s General Investment Authority, said the Gulf countries account for the largest percentage of investment in Egypt, noting that the Kingdom of Saudi Arabia is the largest investor in the country.

He explained that Saudi Arabia is the largest investor in Egypt in terms of public, institutional and individual investment, followed by the UAE, Qatar and Kuwait.

During television statements, he added that the publicity campaign for Egyptian proposals by the sovereign wealth fund, the stock exchange and the Financial Conduct Authority revolves around specific sectors in line with the requirements of investors in the Gulf countries.

He explained that the campaign is aimed at presenting proposals to Gulf investment funds related to investing in the stock market sector, noting that the Gulf side is currently conducting research in preparation for entering the pre-float period or the offer itself through the stock market. exchange, in accordance with the policy of each fund.

He added that the most important issue in the discussions held with the side was the dollar pricing crisis, explaining that the GCC countries are not afraid of the fluctuation of the pound against the dollar due to the flexible pricing system, and the real fear is the depreciation of the pound after the process. placement, commenting: “I personally do not see that the fall can occur immediately after entering it, perhaps before or after that, the competent CBA,” he said.

He stressed that all the measures taken by the Central Bank lead to exchange rate stability, explaining that there is some stability in the rate of fluctuations of the pound against the dollar, which he described as not great.

The head of the General Directorate for Investments added that he was not aware of official talks about the devaluation of the currency and the Egyptian pound, explaining that this was the Central Bank’s business in the light of the remaining period of two to two months from the start of the official offer.

He emphasized that the increase in dollar proceeds in exchange for offers is the most important factor in stabilizing the exchange rate.

Source: Al-Shoruk


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