Egyptian billionaire real estate mogul Samih Sawiris recommended establishing a joint investment fund to promote bilateral relations between the two countries at a recent Oman-Egypt Joint Business Council meeting, Muscat Daily reported.
He proposed to establish the fund as well as a joint investment company that would act as an umbrella organization to support businessmen from the two countries.
The fund would offer both investment facilities and financial support.
“There is a need to activate the investment fund, which will facilitate funding of loans and support for investment between the two sides,” Sawiris said. He added that the mining, tourism and food sectors should serve as the fund’s primary focus.
The Oman-Egypt Joint Business Council is a bilateral council established in 2019 to enhance trade relations and strengthen economic cooperation between the countries.
The latest proposal was motioned on Sept. 8 at its general meeting in Cairo, where the body met to discuss investment opportunities to strengthen trade relations between Oman and Egypt.
While Sawiris led the Egyptian participants, the Omani side was led by Ahmed bin Yousef bin Alawi.
Reda bin Jumaa al Saleh, chairman of the board of the Oman Chamber of Commerce and Industry, and a number of council members from both sides attended the meeting.
Sawiris is one of three billionaire brothers from the Sawiris family, which includes Naguib and Nassef Sawiris. He is the executive chairman of the board and CEO of Orascom Development Holding AG, a Switzerland-based real estate company.