Libya’s Sovereign Wealth Fund looking forward to boost investment in Egypt
Posted – 03rd May 2021
In a step intended to enhance the economic dialogue and cooperation between Egypt and Libya, the Chairman of the General Authority of Free Zones and Investments (GAFI) Mohamed Abdel-Wahab met Saturday with the head of the Libyan Investment Authority (LIA) Ali Mahmoud Hassan to share the macroeconomic outlook for both countries and ideas to expand economic cooperation.
During the meeting, the two officials underscored the importance of Egyptian-Libyan investment links.
Furthermore, they discussed ways to strengthen ongoing cooperation between the two countries in various fields, including investment, technical training, and capacity building.
In the same context, Abdel-Wahab highlighted the available investment opportunities in national megaprojects, including the New Administrative Capital and New Alamein city.
They shared the view that Egypt is a promising market with geopolitical and geoeconomic importance.
The two sides also envisioned restructuring some real estate and tourism companies to push the investment movement in the real estate and tourism sectors in Egypt.
It’s worth mentioning that the actual number of firms that include Libyan contributions is 1,165 companies in Egypt, concentrated in the agricultural, financial, real estate, and tourism sectors, in addition to the services sector.
Notably, the Libyan Investment Authority is the national sovereign wealth fund with a broad mandate to invest in foreign and domestic assets. The Libyan Investment Authority (LIA) is the national sovereign wealth fund of Libya includes 550 investment companies operating in all over the world.
Founded in 2006, the Libyan business institution is Africa’s largest sovereign wealth fund managing over US$67 billion in assets globally.
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