Dr. Nasr: “This is the largest Egyptian investment project since the issuance of the new investment law…We are in the process of finalizing investment contracts according to the new Law and attracting new investments in the Governorate.”
Lieutenant Alaa Abu Zeid: “Matrouh Governorate has investment opportunities in the tourism and real estate fields where great projects may be established that would contribute to providing job opportunities to the Governorate’s sons”.
Abdellaif: “The project will provide around 20,000 job opportunities”.
The Minister of Investment and International Cooperation Dr. Sahar Nasr and the Minister of Local Development Lieutenant Abu Bakr El-Guindy witnessed the signature of an investment agreement between the Governor of Matrouh Lieutenant Alaa Abu Zeid and the Chairman of Madar Company for Touristic Villages and Investment for setting up an integrated investment project in Dabaa worth EGP 10 Billion to be implemented within six months over 3 phases.
Dr. Nasr pointed out that this was the largest Egyptian investment project since the enforcement of the new Investment Law and its Executive Regulations, as well as the amendment of some of the provisions of the Law on Joint Stock Companies, Companies Limited by Shares and Limited Liability Companies, noting that MIIC was keen on attracting more investments in Matrouh. She added that MIIC was acting pursuant to the new Investment Law to finalize investment contracts in Matrouh, noting that the Agreement was a result of the efforts of the teamwork of GAFI and Matrouh Governorate. Dr. Nasr pointed out that MIIC was committed to securing grants for the different governorates to support their infrastructure.
MIIC was taking speedy action with Matrouh Governorate to implement the West Egypt Project based on President Abdelfattah el-Sisi’s directives, explained Dr. Nasr, mentioning that the project would be an economic and investment hub driven by an enhanced investment climate, which would contribute to boosting the domestic and national economy and would achieve development for all other sectors, such as tourism, agriculture and integrated urban development, besides securing thousands of job opportunities.
Lieutinent El Guindy stressed that Matrouh was the No. 1 governorate having investment potential, indicating that cooperation between MIIC and Matrouh Governorate would result in setting up several investment projects that would provide job opportunities for Matrouh’s citizens.
He called on Egyptian and foreign investors to invest in Egypt’s different governorates.
On his part, Matrouh’s Governor commended the cooperation and support of Dr. Nasr and El Guindy for boosting investment in Matrouh and their efforts of contacting investors to actually start implementing several projects. He explained that there were investment opportunities in Matrouh in the fields of tourism and real estate where huge projects could be established, that would contribute to tourism development and would provide more job opportunities to Matrouh’s residents.
The Governor stated that Matrouh, in coordination with MIIC, was working on setting up an investment zone in Marsa Gargoub, El-Negeila Markaz, West of Marsa Matrouh City, which was part of West of Egypt Development Project, which included setting up a global economic and tourism hub, urban communities, treatment centre, logistics zone, besides establishing a commercial port in Gargoub, which lied 75 KM west of Marsa Matrouh. The project would provide hundreds of thousands of direct and indirect job opportunities.
Chairman of Latif Group Mr. Nasser Abdellatif praised the new Investment Law. He mentioned that the project aimed to set up an integrated tourism project in the North Coast, targeting setting up a tourism zone that would be as large and significant as Sharm El Sheikh. He thanked the Minister and Governor for execution of the Agreement, noting that the project would secure around 20,000 job opportunities.