Madbouly discusses with the Minister of Investment the efforts of Egypt’s sovereign fund and regulation of the automobile market
Dr. Mostafa Madbouly, Prime Minister, met today with Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade. This was within the framework of discussing a number of topics and work files, in the presence of Dr. Amani Al-Wasal, Head of the Foreign Agreements and Trade Sector, Director of the Export Development Fund.
At the beginning of the meeting, the Chairman of The Council of Ministers stated that the state is working hard to provide an environment conducive to an investment climate that is attractive to local and foreign investments, and to give the private sector a real opportunity to work and participate more in economic development, which is translated into the state currently adopting a set of measures related to Monetary and tax policies, which would provide a favorable environment for various local and foreign investments.
During the meeting, the Minister of Investment presented a number of topics related to the current position of the investments and projects of Egypt’s sovereign fund, as well as the ministry’s vision for the automobile market during the year 2025, and other files.
In this context, Engineer Hassan Al-Khatib gave a presentation on the Fund’s efforts to attract more investments within the framework of the trend towards benefiting from the optimal management and exploitation of state-owned entities and companies. In this regard, he pointed to the developments of the “Misr Insurance” group, as well as real estate assets, in addition to facilities and infrastructure, in addition to deals related to the scope of advisory work for the Sovereign Fund of Egypt, as well as the role of the Fund in the fields of: industry, education, financial services and digital transformation, In addition to health services and pharmaceutical industries.
With regard to Misr Insurance, one of the companies of the Sovereign Fund of Egypt, the minister explained that Misr Insurance Company The Insurance Holding Company has 13 subsidiaries and sister companies, with 14,000 employees, and offers a wide range of specialized and integrated activities, including insurance, investments, real estate, and non-banking financial services. Insurance activity, represented by Misr Insurance and Misr Life Insurance, dominates the largest proportion of The group’s profits.
In this context, the Minister of Investment listed the steps taken by the Sovereign Fund of Egypt, after transferring it to him, to restructure Comprehensive for the group to maximize the company’s value and raise the level of its services. At the same time, it also touched on shedding light on the Misr Insurance Group’s strategy proposed to be implemented to maximize the state’s revenues from it during the coming period, as well as the Fund’s endeavor to develop a modern digital insurance platform. To keep pace with the latest trends in this field, with the aim of simplifying and facilitating the insurance process to become easier and more flexible for users, allowing customers to access insurance services faster and more effectively.
He added Minister of Investment: This step aims not only to make the insurance process easier, but also to integrate the latest analysis and artificial intelligence tools. In order to ensure an accurate insurance experience that meets the needs of individuals and institutions.
Also during the meeting, the Minister provided a detailed explanation of the assets whose ownership was transferred to the Sovereign Fund of Egypt pursuant to a decision   President of the Republic No. 459 of 2020 and its current position, including the Tahrir Complex, which he shed light on as a project through which the state aims to develop the building and benefit from it as one of the most prominent icons of the city of Cairo in a way Sustainable.
The Minister also noted a number of other assets that were transferred, including the Global Village, the National Party’s land on the Nile Corniche, the Exploration City, and Andalus Park in Tanta, and he also explained The position of the assets whose ownership was transferred to the Sovereign Fund of Egypt pursuant to Presidential Decision No. 13 of 2024.
With regard to facilities and infrastructure, the Minister Shedding light on a number of projects, including the program to introduce seawater desalination plants, developments in the green hydrogen program in Egypt, in addition to strategic medical stores.
The meeting also included an explanation of the developments in the current status of the Fund’s investments in the field of education, such as the Egypt Platform for Education, the partnership with the Ministry of Higher Education, as well as the field of industry represented by the Egyptian National Railway Manufacturing Company “NERIC”, and others. From other files.
During the meeting, Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, gave another presentation on the Ministry’s goals and vision for the automobile market during the year 2025, This is in order to organize the market in a way that ensures that the car conforms to the specifications, and has service centers and original spare parts at a fair price for the consumer, in addition to providing fair competition between the market parties, including producers, agents and distributors, in addition to eliminating any form of market distortion, and eliminating various types of Practices harmful to competition.
