CAIRO, Nov 11 (MENA) – Prime Minister Mostafa Madbouly said the Central Bank of Egypt (CBE)’s announcement that the country’s foreign currency reserves have surpassed $50 billion assures international institutions as well as all investors of Egypt’s economic stability and reform progress.
Speaking at a press conference following the Cabinet’s weekly meeting on Tuesday, Madbouly explained that Egypt’s foreign reserves have been rising for 38 consecutive months, driven by real economic sectors such as tourism, manufacturing, exports, ICT, and remittances from Egyptians abroad, rather than hot money (short-term capital flows).
He noted that Suez Canal revenues have started to grow again, and expressed optimism that regional stability would further boost Egypt’s foreign currency inflows.
The prime minister highlighted a new Qatari investment project in the Alam al-Roum area on Egypt’s north coast—one of the outcomes of political coordination between President Abdel Fattah El Sisi and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani.
He noted that the initial Qatari investments announced amount to $7.5 billion, and that the first joint project was launched last Thursday to develop 4,900 feddans (about 20.5 million square meters) in the Alamal-Roum area.
Egypt will receive $3.5 billion in cash by December for the land allocated to the Alam al-Roum project, 397,000 square meters in residential units worth $1.8 billion, and 15% of the project’s profits, Madbouly said.
The project is expected to create 250,000 jobs and transform the north coast into a year-round urban and tourism hub, he added.
The prime minister emphasized the government’s commitment to industrial localization, noting that the foundation stone of a car factory was laid with $150 million investments to produce up to 100,000 vehicles annually.
He added that an industrial complex affiliated with automotive supplier Leoni will be established in the country, confirming Egypt’s status as a global hub for automotive components.
He also highlighted ongoing talks with global companies to support electric vehicle manufacturing in Egypt.
Madbouly pointed out to the opening of the expanded Schneider Electric factory, which now exports its Egyptian-made products worldwide — including to France — showcasing Egypt’s growing export capacity.
He also referred to new garment factories in Qantara West zone where investments have reached $1.2 billion with 46 projects under way, underscoring rising global investor confidence in Egypt’s economy.
Meanwhile, the prime minister said the government continues to coordinate with the National Elections Authority to ensure smooth and secure parliamentary election both inside the country and for Egyptians abroad as well. (MENA)
