$1b firm created by Abu Dhabi's National Holding to fund infrastructure in Egypt
The establishment of a new company led by the Abu Dhabi investment firm National Holding was recently announced that would fund transportation infrastructure development in Egypt.
An estimated $30 billion worth of projects including roads, bridges, ports, and rail networks will be built by the company, whose capital stands at around $1 billion currently, according to Gulf News. Work is set to begin on the projects within six months.
The agreement was recently signed in Cairo to create the new company by a consortium led by Abu Dhabi investment firm National Holding and Egypt.
Companies in the consortium include Bahrain-based Gulf Finance House and Abu Dhabi Investment House (ADIH), while three Egyptian authorities, including Egypt's General Authority of Roads, Bridges and Land Transportation, Egyptian National Rail Authority and Port Said Port Authority participated in the signing.
Egypt's Prime Minister Ahmad Nazif and Transport Minister Mohammad Loutfi Mansour were present for the signing of the deal.
"There is tremendous investor interest from the Arab world in Egypt's transport sector recently and we are looking at more partnerships," Mansour said in a statement issued by National Holding.
"We are confident that our entry into Egypt will further strengthen relationship between the UAE and Egypt," said Jawaan Al Khaili, chairman of National Holding and ADIH.
"We see tremendous economic growth prospects in Egypt as the country is in the midst of a growth trail with IMF predicting that the economy will grow at 5.3 per cent in 2006," ADIH chief executive officer Rashad Janahi added.