The fund will be across agricultural industries, food manufacturing, and the field of pharmaceuticals.
Egypt and Oman currently have discussions underway on establishing an Egyptian-Omani fund into which money will be pumped into a number of fields such as agricultural industries, food manufacturing, and the field of pharmaceuticals.
This came during a meeting with Egyptian Minister of Planning and Economic Development Hala El Said and Omani Minister of Commerce, Industry & Investment Promotion, Qais bin Mohammed Al Yousef to discuss ways of enhancing cooperation.
El Said highlighted that Egypt benefited from the experience of the Omani Fund when establishing The Sovereign Fund of Egypt.
Al Yousef praised said that his visit to Egypt included meetings with a number of ministers and state officials and it was agreed to form a technical team to integrate in the industrial sector between both countries. The meeting also discussed the free trade agreement and building on it.
In May 2023, Minister of Trade and Industry Ahmed Samir said that trade between Egypt and Oman increased by 60% to reach $1.08 billion in 2022, up from $651 million in 2021.
Samir also added that Omani companies operating in the industrial, tourism, construction, and agricultural sectors have invested $80.5 million across 110 projects in Egypt.
