By Sami Zaptia.
London, 30 April 2021:
Ali Mahmoud Hassan, Chairman of the Libyan Investment Authority (LIA), Libya’s Sovereign Wealth Fund met Wednesday Mohamed Abdel Wahab, CEO of Egypt’s General Authority for Investment and Free Zones (GAFI) to discuss investment opportunities in the two countries.
The LIA is Libya’s Sovereign Wealth Fund managing about $ 67 billion through 550 investment companies spread across three continents.
The meeting comes in light of the implementation of Egyptian prime minister’s directives to follow up the results of the visit of the Egyptian ministerial delegation to Tripoli headed by prime minister Mustafa Madbouly.
The visit, the first visit of an Egyptian prime minister to Libya in many years, witnessed the signing of 11 agreements to strengthen bilateral cooperation between the two countries in various fields, including investment, technical training and capacity building.
First step to implementation of signed agreements
GAFI CEO Abdel-Wahab said that the meeting is the first step in the actual implementation of agreements to enhance cooperation between the two countries, as joint investment opportunities between the Libyan Investment Authority and Egyptian partners were discussed, for what is in the interest of the two countries’ economies, and an agreement was made to implement joint Egyptian-Libyan investment projects in the targeted sectors.
Solving challenges to Libyan investments in Egypt
The meeting witnessed agreement on executive decisions with specific steps to solve any challenges that might face the flow of Libyan investments to Egypt, and the two sides also envisioned restructuring some real estate and tourism companies to push the investment movement in the real estate and tourism sectors in Egypt.
Integrated vision of investment opportunities in Egypt
Abdel-Wahab presented the Libyan side with an integrated vision of investment opportunities in major national projects, especially in the new administrative capital and the new city of El Alamein, explaining to the Libyan side the need to diversify the Libyan investment portfolio in Egypt, to benefit from the growth of various economic sectors.
1,165 Egyptian companies have Libyan investment
The number of companies that include Libyan contributions is 1,165 companies in Egypt, concentrated in the agricultural, financial, real estate and tourism sectors, in addition to the services sector.