Egypt, Oman mull forming joint fund for investment in various fields

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Egypt and Oman are currently mulling over the establishment of a joint fund to pump investments into a number of sectors, Egyptian Minister of Planning and Economic Cooperation Hala Elsaid announced.

The Egyptian-Omani fund is set to invest in agricultural industries, food industries, and pharmaceuticals, Elsaid noted.

This came during a meeting between Elsaid and the Omani Minister of Commerce, Industry, and Investment Promotion Qais Bin Mohammed Bin Musa Al Yousef to discuss ways of enhancing cooperation.

Al Yousef praised the Egyptian-Omani relations, adding that pushing the pace of meetings between the two countries will further support this relationship.

In addition, the Omani minister held talks with the CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba to promote investment cooperation between the two countries.

Al Yousef and Heiba agreed to prepare an action plan to exchange information, visits, and delegations, to discuss the needs of both markets in various sectors.

During the meeting, Heiba also unveiled that foreign direct investments (FDI) to Egypt rose notably to $10 billion in fiscal year (FY) 2022/2023.