By Mahmoud Salah El-Din
Cairo – Mubasher: The Egyptian government considers listing Al-Reef Al-Masry for Development in the Egyptian Exchange.
The company hankers for making huge investments at a value exceeding its EGP8 billion paid-in capital, said Ashraf El-Araby, Minister of Planning, adding that the company is, therefore, likely to trade on Cairo bourse for increasing its capital resources.
In February 2016, the government announced launching the project of Al-Reef Al-Masry for Development so as to reclaim and develop 1.5 million acres in association with other bodies, including the Ministry of Finance.
“The company will open its door for Egyptian citizens who would like to be engulfed in the company and to make profits”, the minister added.
Moreover, the Egyptian government is planning to set up a new fund for promoting and activating creative manufacturing in Egypt, the minister said.
In reply to Mubasher’s questions over Amlak Fund, the minister assured that it will be launched by the end of the current fiscal year after the parliament reviews its prospects.
Earlier, the government established a sovereign investment fund in June 2015 at EGP1 billion to finance infrastructure projects in many fields such as energy and tourism.
Finally, the minister revealed that the National Investment Bank is planning to found a high-profile consultancy office to offer services for the Egyptian government and to link between the government and international consultancy firms.
