Egypt’s Narrative Summit platform released a new episode of “Narrative Summit – Reshaping Norms” titled “The Full Edge of Egypt’s Private Mega Projects”, which highlighted the role of the private sector in developing some of the most prominent projects in Egypt benefiting from the pro-business environment and economic reforms. In exclusive
interviews during the episode, Mr. Ibrahim Sarhan, Chairman and Managing Director of E-Finance Group for Financial and Digital Investments and Dr. Ahmed Moharram, Group Executive Director of ACE Moharram-Bakhoum and president of Anchorage Investments discussed how the private sector was successfully integrated into the development process and the mega projects in the country boosting Egypt’s economic potentials and luring foreign investments.
“E-Finance Group for Financial and Digital Investments has succeeded in digitizingall the government services and payments in conformity with the State’s plan for digital transformation, said Mr. Sarhan, Chairman and Managing Director of “E-Finance”.
“E-Finance IPO in Cairo stock exchange was oversubscribed 7 times with remarkable interest from foreign investors. The floating helped expand the ownership base of the company and raised the number of the share-holding investment funds. This has attracted a considerable amount of foreign investments sought by the government,” he added.
E-Finance started to diversify its investments in health, tourism, and transport sectors over the past two years, and will continue to do so in the coming two years. The company has partnered with the General Authority for Health Insurance to develop, run, and operate the technological and digital services of the health insurance sector all over the country. In the tourism sector, the company has participated in two projects related to archaeology and museums. “We have implemented the digital transformation project for museums and archeological sites in cooperation with the Ministry of Tourism and Archaeology including an electronic platform for ticket reservation online or via mobile app”, he said.
E-Finance, according to Mr. Sarhan, has contributed to the setting up of e-commerce platforms and smart card management. Moreover, the company has completed the digital financial network of the Ministry of Agriculture and the launch of the “Farmer’s Card” in cooperation with the ministry and the Central Bank of Egypt.
The Chairman and Managing Director of E-Finance Group noted that the successful contribution to the mega national projects together with the Egyptian government supports E-Finance investment standing and enables it to extend the successes of its projects in Egypt to Africa and the rest of the world.
For his part, Dr. Ahmed Moharram, Group Executive Director of ACE Moharram-Bakhoum and president of Anchorage Investments said that number of Egypt’s major national projects are now in four digits and valued at trillions of pounds, which reflect positively on the national economy.
“With more than 70 years of experience in the Egyptian market, ACE Moharram-Bakhoum Group is proud of its contribution to a massive number of national projects.
Demonstrating how far the infrastructure in Egypt was developed, the projects list includes roads, airports, bridges such as Rod El-Farag Axis, the first gigantic bridge project to be entirely designed and implemented by Egyptian hands, as well as the Cairo underground (first, second, third and fourth lines), water treatment stations, sewage treatment stations, in addition to the Al-Fattah Al-Aleem Mosque and Cathedral at the New Administrative Capital, Qanater Assiut and Najah Hamady, October bridge and Cairo airport among other important projects, Dr. Moharram said.
He further pointed out that Anchorage Investments was relying on the expertise of Moharram-Bakhoum as one of the top consulting firms in the region while working on developing an integrated industrial complex for petrochemical products at the Industrial Zone of the Suez Canal Economic Zone in Ain Sukhna.
The project contains industrial units for producing primary olefins, poly olefins and other chemicals. The project is aimed to increase Egypt’s exports of petrochemical products and transform the country into a regional and international hub for energy and petrochemicals boosting the foreign direct investments and providing many job opportunities.
Dr. Moharram stressed that one of the distinctive characteristics of the Suez Canal Economic Zone is the availability of the one-stop-shop that provides all services related to incorporating new companies, as well as providing and facilitating post-incorporation services. The projects at the Zone have an advantage of being close to the most important international shipping route and many operational ports providing access to Regional and global markets as part of the investment incentives provided by Egypt.
This episode of “Narrative Summit – Reshaping Norms” is part of the digital series launched in 2020 on its social media platforms. The Summit gives the stage for company heads, specialists and experts from different disciplines to discuss various topics and share their success stories and though-provoking insights with the public.. The platform has achieved tremendous success with huge views over the past two years.