Latest news with #EgyptReset
Zawya
11-04-2025
- Business
- Zawya
Private sector's role in Egypt's economic growth took center stage at the Narrative Summit 2025
Dr. Ahmed Moharram: The private sector is the driving engine of Egypt's economic growth generating revenue and jobs and helping Egypt build global competitiveness and long-term economic resilience Today Dr. Ahmed Moharram, Founder and Managing Director of Anchorage Investments, was a featured speaker at the Narrative PR Summit, which is taking place on April 7–9, 2025, at the magnificent Somabay on Egypt's Red Sea coast. With the captivating theme "Egypt Reset," the prestigious event kicked off today, drawing prominent global leaders, insightful experts, and influential figures from around the world. The ninth edition of the summit is proudly held under the auspices of several key ministries, including the Ministries of Planning, Economic Development and International Cooperation, Investment, and Youth and Sports, focusing on promoting investment, tourism, and sports as key pillars of Egypt's economic transformation. As a panelist in the session titled "Empowering the Private Sector is Vital to Egypt's Growth and Prosperity," Dr. Moharram highlighted the enablers and challenges of launching one of Egypt's largest private-sector industrial projects: the USD 2.2 billion Anchor Benitoite Petrochemical Complex in Ain Sokhna. "The private sector is a vital driving engine of economic growth. When we invest in large-scale, export-oriented industries, we not only generate revenue and jobs but also help Egypt grab global market shares, build competitiveness and long-term economic resilience," explained Moharram. The Anchor Benitoite project, developed by Anchorage Investments, is a state-of-the-art petrochemical complex designed to produce 1.75 million tons per annum of high-value products along its different phases, including propylene, polypropylene, and acrylic acid derivatives. Located within the Suez Canal Economic Zone (SCZone), the facility leverages Egypt's strategic access to global shipping lanes, investment incentives, and regulatory facilitation. In his remarks, Dr. Moharram emphasized key enablers of private sector success, including Egypt's strategic geographical location amidst global maritime routes, proactive government support, and access to international proven technology and international partners. He also addressed challenges such as some infrastructure and utility gaps requiring additional captive capital investments to bridge these gaps, policy stability considerations and capital and operational costs' uncertainties. "To truly empower the private sector, we need to simplify the regulatory environment, foster public-private partnerships particularly with regards to decarbonization infrastructure, and - with regards to greenfield capital-intensive manufacturing projects - work together on building confidence and improving investors' sentiment towards advocating investment decisions being taken into Egypt's greenfield projects not only brownfield turnarounds with quick targeted exits," Dr. Moharram noted. "These are not just business imperatives they are strategic necessities for Egypt's economic prosperity", he added. He also stressed on the importance of the long-term vision: "Empowering the private sector is not about short-term gains; it is about creating a sustainable business-friendly ecosystem that generates value across generations. Egypt's future prosperity hinges on our ability to build this ecosystem that helps private enterprises and private-sector entrepreneurship thrive and innovate." The Narrative PR Summit was initiated in 2016 with the goal of enhancing Egypt's global reputation. By uniting influential figures and leaders from the realms of investment, business, tourism, and art, this initiative facilitates the exchange of inspiring experiences and cultivates a sense of national identity. Their collective efforts propel Egypt onto the global stage as a premier tourist destination, while concurrently fostering partnerships with diverse stakeholders, both domestically and internationally, to drive investment in the country's burgeoning sectors. The Summit's 2025 edition also introduced new initiatives such as the Storytellers Awards, designed to celebrate young digital creators who are shaping modern narratives about Egypt.
Economic Key
09-04-2025
- Business
- Economic Key
Mohamed Mansour shares his vision of Egypt's future economic growth and private-sector leadership
Today, Sir Mohamed Mansour, the renowned businessman, Chairman of Mansour Group & Honorary Chair of the Board of Narrative Summit delivered an inspiring message of ambition and optimism at the Narrative Summit 2025. Mansour emphasized that Egypt's investment scene is experiencing remarkable growth and offering abundant opportunities, in several sectors including clean energy, technology, infrastructure and real estate. He elaborated: 'Egypt possesses a unique blend of cultural and historical assets that position it prominently on the global innovation map, particularly as the world enters a new industrial revolution driven by technology and artificial intelligence. This transformation opens limitless opportunities for Egyptian youth to grow, innovate, and realize their ambitions.' With the captivating theme 'Egypt Reset,' the prestigious event kicked off today at the breathtaking Somabay in the Red Sea, drawing prominent global leaders, insightful experts, and influential figures from around the world. The summit is proudly held under the auspices of the Ministries of Planning and Economic Development & International Cooperation, Youth and Sports, Investment and Tourism, and the Governorate of the Red Sea. In his keynote speech titled 'My Drive to Succeed,' Sir Mansour, who serves as the Honorary Chair of the Board of the summit, mentioned: 'As a proud Egyptian, I am constantly inspired by the resilience and unwavering determination of our people. They are a true testament to strength and perseverance. We are living through a historic moment, with the highly anticipated opening of the Grand Egyptian Museum on the horizon—a milestone I believe will mark a transformative chapter for Egypt and its place on the global stage.' Commenting on the importance of the private sector's role in driving the country's development, Sir Mansour elaborated, 'The private sector in Egypt has a vital role to play in driving the country's economic growth. I truly believe that Egyptians can make it happen but we must do so with purpose, determination, and a deep sense of responsibility while fostering effective partnerships with the public sector. For that reason, Mansour Group plans to invest USD 150 million in the Egyptian market to open a new factory for car manufacturing as well as EVs which is expected to create 10 thousand job opportunities for the youth. I believe it's our duty to give back to this country and that spirit of giving must continue through Egypt's business leaders today.' Expressing his enthusiasm with the inauguration of this year's summit, Sir Mansour stated, 'I'm delighted to be part of this exceptional summit, highlighting Egyptians' unwavering dedication to fostering development across various fields. In our cherished nation, a myriad of aspirations awaits, and it's crucial that we dream big and have unceasing confidence in our abilities. Therefore, we launched the 'Right to Dream' Academy in Egypt, which I am particularly proud of, to inspire young boys and girls in every village to pursue their passion for football. Thus we nurture talents like Mohamed Salah who can dream, achieve greatness, and take pride in their national identity.' Delving more into the mission and accomplishments of the Right to Dream Academy, Mohamed Wasfy CEO & Board Member at Right to Dream Egypt affirmed that the academy is dedicated to developing the next generation of leaders and football stars, emphasizing its strong commitment to fully integrating sports with education and opening new doors for young talent. Wasfy noted that since its establishment in 1999, the academy—which now operates in 30 countries—has created exceptional opportunities for young people to excel both academically and athletically. He stressed that development, education, and character-building are core pillars in shaping the future of football. He also highlighted that the academy launched its Egypt branch in 2021, to play a pivotal role in the country's sports sector. It targets talented youth between the ages of 10 and 18 across various governorates and has already reached more than 23 governorates through 15 local offices. The academy offers its students the opportunity to join world-renowned football clubs as well as gain access to top-tier educational institutions in the United States. Moreover, Wasfy pointed out that Right to Dream provides a comprehensive school-based education and elite-level football training model, ensuring that students are equipped to pursue international sporting careers and academic paths at highly respected institutions. تم نسخ الرابط
