Egyptian government ministers have held talks with the Abu Dhabi Investment Authority (ADIA) as Egypt targets US$20 billion (Dh73.4bn) in foreign investment in the next three years.
Rachid Mohamed Rachid, Egypt's minister of trade and industry and acting minister of investment, said today that ministers held negotiations with ADIA about investment in joint venture funds in the country and also discussed opportunities to invest in infrastructure projects.
Mr Rachid said: "There is a lot of interest from ADIA about investing in Egypt and ADIA is also already an investor in Egypt including investment companies and financial firms.
"We are offering ADIA the opportunity to invest in joint venture funds we are creating in Egypt and negotiations are continuing on that."
ADIA had also been presented with opportunities to invest in four so-called mega-projects Egypt is creating, spanning industry, infrastructure and property, to spur economic development and build jobs.
The UAE is already the third largest foreign investor in Egypt, with the country's investment amounting to 13 per cent of the total capital of Egyptian business.
Egypt is keen to attract investment from the UAE as it attempts to revive its economy after the global financial crisis stinted its job creation plans.
[ tarnold@thenational.ae ]
THE SPECS
Engine: 3.6-litre V6
Transmission: nine-speed automatic
Power: 310hp
Torque: 366Nm
Price: Dh200,000
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.