Investment Minister Sahar Nasr met Monday with chairman of Naeem Holding for Investment Hussein Shobokshi and Abdullah el Noqrashi, the director general of Majid Al Futtaim Group in Egypt, to discuss ways to increase their businesses in the country. 

A statement by the Investment Ministry said Naeem Holding For Investment already received a permit to establish the first Egyptian real estate fund worth one billion pounds. 

The fund will help individual businessmen and institutions invest in high-value assets, the statement noted. 

The Saudi company encourages investment in a number of projects launched by the Egyptian government, atop of which the new capital and Suez Canal Corridor, the Ministry added. 

Such projects would greatly contribute to achieving development in Egypt and securing jobs for youth, read the statement. 

The Majid Al Futtaim Group is likewise seeking to expand its investment plans in Egypt, Noqrashi was quoted as saying. 

The Group is particularly eyeing labor-intensive projects, such as the Mall of Egypt which cost some 722 million dollars, Noqrashi said. 

An investment plan is currently being outlined in coordination with all ministries to pinpoint business opportunities in the different governorates, Nasr told Noqrashi.

Source: MENA