Investment seeks to attract Africa's richest businessman to Egypt
Farid meets Aliko Dangote in Cairo next October
Dr. Mohamed Farid Saleh, Minister of Investment And foreign trade, with Fatima Waly Abdel Rahman, Regional Director and Senior Advisor to the Group President of Dangote Group, one of the largest industrial groups in Africa, discussed the opportunities for expanding the group's investments in the Egyptian market, in addition to establishing new projects in a number of strategic sectors, on the sidelines of the 18th Ministerial Meeting of the African Continental Free Trade Area (AfCFTA) hosted by the Nigerian capital, Abuja.
For her part, Fatima Wali Abd al-Rahman reviewed the activities of Dangote Group and its expansion plans on the African continent, explaining that the group operates in strategic sectors including energy, fertilizers, food industries, and automotive, in addition to its investments in sugar, rice, and manufacturing.
The group aims to refine 1.4 million barrels per day.
It indicated that the group aims to raise the refining capacity of its oil projects from 650,000 barrels per day to 1.4 million barrels per day, as well as increase fertilizer production capacity from 3 million tons per year to 12 million tons, as part of its expansion plans within African markets.
Energy and oil are the most prominent areas of potential cooperation between the two sides.
The Minister of Investment confirmed that the energy and petroleum sectors are among the most prominent areas of potential cooperation between the two sides, in light of Egypt's expertise and leading companies. He clarified that it was agreed to prepare a comprehensive file that includes the most prominent investment and partnership opportunities available to the group.
Promising opportunities in mining and automotive
He added that the Egyptian market also offers promising opportunities in the mining, automotive, and tourism sectors, pointing out that the ministry will provide the group with a comprehensive presentation that includes available projects, especially in the fields of strategic and rare minerals, in addition to opportunities related to the development of the automotive industry and logistics centers, which will enhance Egypt's position as a regional hub for trade and logistics services.
The meeting discussed opportunities for cooperation in developing and managing investment zones, benefiting from the Dangote Group's experience in implementing and managing large-scale projects. The minister affirmed the possibility of cooperation in establishing and developing new investment zones in the Upper Egypt and Delta governorates, which would support the state's efforts to attract investments and achieve sustainable development.
The meeting included a phone call with Aliko Dangote, founder and chairman of Dangote Group, who is currently in France. The two sides agreed to hold an official meeting during his upcoming visit to Egypt next October, on the sidelines of the African Export-Import Bank meetings, to further discuss opportunities for joint cooperation and investment.
