Doing Business In Egypt & Opportunities For The Italian Companies

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1 Consulate of Egypt Commercial Office Milan Doing Business In Egypt & Opportunities For The Italian Companies Nasser Hamed Consul for Commercial Affairs Commercial Office of the Egyptian Consulate in Milan Milano 4 Feb 2014

2 Egypt at a Glance Source: CBE The annual growth rate of the real GDP for the whole year of 2012/2013 registered 2.1 %, comparing to growth rate of 2.2 % recorded in 2011/2012. The budget deficit recorded 13.6% of GDP in FY 2012/2013 comparing to 10.7% in FY 2011/2012. In FY 2012/2013, Egypt's transactions with the external world unfolded an overall BOP surplus of US$ million against a deficit of US$ 11.3 billion a year earlier. The current account deficit declined in FY 2012/2013 to US$ 31.5 Bn from US$ 34.1 Bn last year. The capital and financial account witnessed a net inflow of US$ 1.5 Bn in FY 2012/2013 from a net outflow of US$ 0.5 Bn. Last fiscal year Net international reserves have increased to US$ 17 Bn by the end of December In November 2013 The credit rating for the Egyptian long and short-run liabilities done by Standard&Poors was increased from +CCC/C to B/B with Stable outlook. FDI in Egypt recorded a net inflow of US$ 3 Bn. During FY 2012/2013 against US$ 4 Bn. During FY 2011/2012, However Net FDI recorded US$ 1.2 Bn net inflow in Q1 FY 2013/2014 compared to US$ 108 mn. In Q1 FY 2012/2013. Annual Inflation rate has increased to 10.15% in September 2013 year on year basis Comparing to 6.2% in September Unemployment rates: 12.7% during FY 2012/2013. Exchange rate for the USD December 2013 : 6.9 EGP.

3 GDP Composition by sector Others 14% Agriculture 14% Services 4% Real estate 3% Tourism 3% Finance 4% Oil and Gas 16% Suez 2% Retail 11% CIT 3% Infrastructure 2% Industry 15% Construction 5% Source : Central Bank of Egypt T ransportation 4%

4 Macro Overview 2013-Economic Impact 5.1% 1.9% 2.2% 2.1% Source : Central Bank of Egypt Economic activity remained sluggish in 2012/2013 on the back of weak growth rates in most of the key sectors namely manufacturing, construction and tourism, in addition to the contraction in the petroleum sector. In the Meantime Investment levels remained low given the heightened uncertainty that faced market participants since early 2011 and the weak credit growth to the private sector. Looking ahead, downside risks that surrounded the global recovery on the back of challenges facing the Euro and softening growth in emerging markets could pose downside risks to domestic GDP going forward.

5 Macro Overview 2013-Economic Impact Net International Reserves witnessed improvement after 30 th of June. Source : Central Bank of Egypt

6 Macro Overview 2013-Economic Impact Source : Central Bank of Egypt Egyptian exports were worth $25.9 Bn. during FY 2012/2013 reflecting 3.6% increase in exports Compared to $ 25 Bn in FY 2011/2012. Egyptian imports were worth $57.5 Bn. In FY 2012/2013 Reflecting 2.9% decline in imports compared to $ 59.2 Bn during FY 2011/2013. Trade deficit decreased by 7.6% to $31.5 Bn. FY2012/2013 against $34 Bn. FY 2011/2012

7 Source : Central Bank of Egypt

8 Macro Overview 2013-Economic Impact Main Exports by Commodity & Geographical Distribution Source : Central Bank of Egypt

9 Macro Overview 2013-Economic Impact Main Imports by Commodity & Geographical Distribution Source : Central Bank of Egypt

10 Macro Overview Longer-Term Outlook Solid Fundamentals Location Human Capital Large Market Solid Banking System New Egypt Economic Growth and social justice Financial and Monetary Balance Clear Governance Institutional Reform Investor Confidence Investment Growth Improved Macro Fundamentals & Growth Potential

11 Why Invest in Egypt? A sustained growth rate of 7% over the period between 2005 and Despite being affected by the current political unrest the growth rate kept at positive levels during the past three years. A large population (82.5 Mn in 2012) and hence a large consumer market where per capita income was at EGP ($ 2760) in 2011/2012. At around 23.6 million in 2012, Egypt has the largest labor pool in the region with a competitive labor cost.

12 Source: CBE The Ease of Doing Business in Egypt The regulatory and institutional frameworks governing Foreign investment in Egypt have seen significant overhauls in the past several years. Those reforms and protections based on the concepts of property rights protections, equality and ease of doing business include: Fast-track dispute resolution services for all investors. 100% foreign ownership of companies for foreigners. Profit and dividend repatriation, dispute resolution and settlement mechanisms implemented. Comprehensive corporate governance principles which means the rules, processes, or laws by which businesses are operated, regulated, and controlled., anti-money laundering, anti-trust and consumer protection laws. New commercial court system now rolling out nationwide to settle business disputes. Incorporation time slashed from an average of several months to only 72 hours.

13 The Ease of Doing Business Removing restrictions on minimum capital of limited liability companies and reducing incorporation fees. 20% flat tax rate, according to the Tax Law No. 91 of Minimum capital requirements for LLC reduced to EGP 200. One Stop Shop which contains 53 representative offices from different authorities, taking into consideration that the One-Stop Shops introduced at multiple locations throughout the country; Launching the first phase of electronic establishment of companies through the internet (in Arabic) Property registration fees reduces where cap is at EGP 2000 Establishing the Egyptian Credit Bureaus (i-score) Reducing the time necessary to register property from 72 to 63 days. Introduction of Nilex; The region s first small cap stock exchange

14 Investment Policy Framework Category Inland Investment Investment Zones Special Economic Zones Income Tax 20% & 40.55% for oil and gas companies 10 years Exemption for Agriculture and animal production activities. 20% & 40.55% for oil and gas companies 10 years Exemption for Agriculture and animal production activities. 5% flat tax rate on personal income tax 10% tax on all activities within the zone Import Duties 2-32% depending on the product Flat rate of 5% of the value of imported machinery and equipments Custom procedures for production input will be administered in the zone Equipment customs are paid in 5-10 years installments None Export Duties and Sales Tax 5-25% of value of all sale transactions Sales taxes are paid in 5-10 years installments Exported good are tax exempted No duties when exported out of Egypt No duties on domestic components when sold in Egypt 10% of value of non domestic components when sold in Egypt Payroll Tax 10-20% depending on salary level 10-20% depending on salary level 5% for all salary levels Export Minimum None None Depending on zone board s decision Other Incentives Protection against expropriation and compulsory pricing Full right of profit and dividend repatriation Companies established within the investment zones are to enjoy incentives given to both inland and upper Egypt investment regimes. Egyptian certificate of origin for SEZ based exporters Integrated custom and tax administration, licensing, and dispute settlement Source : GAFI

15 Low Cost of Doing Business Competitive tax rates - corporate and personal tax rates top out at only 20% Developed infrastructure with 15 commercial ports in addition to 44 specialized ports to serve importers and exporters, an expanding airport network catering to both passengers and cargo. An abundance of natural resources and competitively priced water, power and gas. Source: CBE, Ministry of Investment

16 Competitiveness Lucrative Returns Await FDI Inflow Competitive Manufacturing Costs Access to Export Markets Large Domestic Market Egypt s competitive advantages make a compelling case for increasing FDI in Egypt. Strategic Location Government policy Comparative Wages Comparative Electricity Prices Wages compared to Egypt in US$/ hr 1.6 Electricity prices compared to Egypt (Cents KWatt/ hr) Egypt India Tunisia Turkey Egypt Turkey India Tunisia Source: AmCham, GAFI Information Center,

17 Preferential Trade Agreements with Key Global Markets The EU Egypt Association Agreement grants Egypt preferential access to the EU market of 500 million. The EFTA-Egypt Free Trade Agreements grants access to the markets of Iceland, Liechtenstein, Norway and Switzerland in industrial and agricultural products. Free duty access to the US market of 300 million customers through the QIZ protocol. The COMESA, a common market for Eastern and Southern Africa creates a free trade area among the 19 member states. AGADIR Declaration creates grants Egypt a free trade zone between Egypt, Morocco, Jordan, and Tunisia in addition to a rules of origin advantage. Egypt Turkey free trade agreement GAFTA: ratified by 22 Arab nations, involving the phasing out of customs and duties while eliminating non-tariff barriers. MERCOSUR : access to the markets of Latin-America through a Free Trade agreements with MERCOSUR countries. Source: CBE

18 Preferential Trade Agreements with Key Global Markets EGYPT

19 Egypt 2022 economic development plan The medium term plan Macroeconomic stability; real growth rates to reach 3.5% by investing 291 bn. Egyptian Pounds (41 bn USD), 121 billion (17 Bn. USD) Public Investments and 170 billion (24 Bn. USD) Private. Lunching two stimulus programs to boost the economy each one values EGP 30 Bn ($ 4.3 Bn.) without overloading the budget, in different sectors mainly the infrastructure as follows: Reducing the budget deficit to 9% of GDP down from 13.6%. Reducing inflation; with the aim of bringing inflation levels below 7%. Maintaining a flexible exchange rate set by free market forces, while avoiding short term volatility.

20 Egypt 2022 economic development plan The plan includes : Lunching two stimulus programs to boost the economy each one values EGP 30 Bn ($ 4.3 Bn.) without overloading the budget, in different sectors mainly the infrastructure as follows: housing projects(50,000 residential units), Building 100 School Continuing connecting 151 village through the sewage network. building roads and bridges (17 road projects), The completion of the 3rd Metro line, Upgrading of the electricity power stations, purchasing 600 buses for public transportation to work with natural gas, reclaiming 32,600 agriculture acres. Developing the government s information technology infrastructure and, qualifying the workforce and developing Egypt s internal trade system to curb high prices.

21 Public Private Partnership Projects

22 Tendered Project Project Name Abu Rawash Wastewater plant Tendering Construction Authority For Water & Waste Water (CAPW) Authority Project Increase Plant capacity to fulfill required demand and raise treatment level to Objectives meet the environmental conditions Design, financing, raising capacity of plant from 1.2 million m3/day to 1.6 Project million m3/day and construction of an advance secondary treatment stage Description for the Abu Rawash Wastewater Treatment Plant, and the operation and maintenance of the whole plant with a capacity of 1.6 million m3/day. Project Consultants Pre-feasibility Studies financed by: Transaction & financial advisor: Ernyst & Young Technical advisor: CH2 MHIL Legal advisor: Trowers & Hamlins European Bank for Reconstruction and Development (EBRD)

23 Tendered Project Project Name Abu Rawash Wastewater plant Project Structure Investment Costs Time Table Private sector role: Construct, manage, operate & maintain the plant for 20 years (3 years construction + 17 years operation) and handover the plant in excellent operational condition after contract duration Public sector role: Provide project land, influent wastewater and pay quarterly treatment charge after starting operation phase as well as presenting government role in monitoring, supervision and applying related laws and ministerial decrees. 4.5 Billion EGP Currently amending tender document and draft contract based on changing project scope received by PPPCU from tendering authority in October Expected time to finalize documents: Jan 2014 Submission of Bids: April Contract award and signature in June 2014

24 Projects to be tendered in Q 1/2014 Project Name Safaga Industrial Port Tendering The Executive Organization For Industrial & Mining Projects / Ministry Authority of Industry & Foreign Trade Establishment of a number of value-added industrial and logistics projects the use of surplus of the current berth productivity and the Project unused yards inside the port which is estimated by m 2. These Objectives projects will be selected according to the needs of the direct and outer hinterland (South Valley governorate), and the economic projects need that will be established in the national project of the Golden triangle. Project Description Development & Upgrade of Safaga mining port that includes a platform for exporting crude Phosphate to be an Industrial Port through establishment of 2 industrial zones to establish a number of valueadded industrial projects that will be needed for the port direct and outer hinterland, with the availability of logistic services (transport, sorting, storage, quality tests, packing) as follows: - Liquid bulk terminal. - Livestock terminal with meat processing facilities. - Grain storage and milling terminal

25 Projects to be tendered in Q 1/2014 Project Name Pre-feasibility Studies Consultants Pre-feasibility Studies financed by: Project Structure Investment Costs Time Table Safaga Industrial Port HPC Hamburg Port Consulting GmbH Arab Financing Facility for Infrastructure (AFFI) Private sector role: Construct, manage, operate & maintain the and handover the first industrial zone after contract duration Public sector role: presenting government role in monitoring, supervision and applying related laws and ministerial decrees. 100 Million USD Pre-feasibility study has been finalized in December 2013 Tendering Procedures: March 2014 after the approval of PPP Supreme Committee

26 Projects to be tendered in Q 1/2014 Project Name Cairo Contact Centers Park (CCC) Tendering Authority Project Objectives Project Description The ministry of Communications and Information Technology (MCIT). Achieve the integration with the plan of Ministry of Communications and Information Technology (MCIT) by spreading geographically (East Cairo) for the deployment of clusters specialized in the manufacture of communications and information technology after the success story of the Smart Village (west of Greater Cairo) as development of a national project aims to the exports development of Egypt for telecommunications services industry, information technology and outsourcing industry. Put Egypt on the global map of telecommunications services and information technology and provides value-added export of approximately ($ 1.2 billion per year) in the field of outsourcing when it is completed. The investment will start in the second quarter of 2014 through three stages and ending in It will include the usufruct of lands with a total area of 39,000 m 2 for the construction of 27 buildings on 3 stages with total land areas of ( m 2 ) per piece to the Egyptians, Arabs and foreigners investors.

27 Projects to be tendered in Q 1/2014 Project Name Pre-feasibility Studies Consultants Pre-feasibility Studies financed by: Project Structure Investment Costs Time Table Cairo Contact Centers Park (CCC) Financial consultant: Young & Ernest Technical consultant: WSP Middle East Legal consultant: Trowers & Hamlins International Finance Corporation (IFC) Private sector role: Design, Construct, Finance, Operate & maintain Public sector role: : Provide project land and presenting government role in monitoring, supervision and applying related laws and ministerial decrees. Approximately 100 Million USD for the first stage. Pre-feasibility study has been finalized in December 2013 Tendering Procedures: February 2014 after the approval of PPP Supreme Committee

28 Projects to be tendered in Q 1/2014 Project Name Nile River Bus Ferry Tendering General Transportation Authorization in Cairo / Cairo Governorate. Authority Project Objectives Project Description Develop the transportation service that are offered by Nile River Bus Ferry to improve the performance of services level and create an advanced level for services, to attract a larger segment of its users > The Nile River Bus Ferry suffers from a high degree of deterioration where 9 boats only are in operation, and the terminals suffer from a high degree of deterioration which reduces the numbers of users as a percentage of current population. The required services are as follow : 1.Purchase, finance and operate the River Transport Fleets(30 boats). 2.Develop 16 current terminals and add around 12 new terminals including : Design, Build, Finance, Operate and Maintain. 3.Suggested project duration 30 years.

29 Projects to be tendered in Q 1/2014 Project Name Nile River Bus Ferry Pre-feasibility Studies WSP Company (British Co), and Mena Rail Transport Consultants Consultants Pre-feasibility Studies European Bank for Reconstruction and Development ( EBRD ). financed by: Private sector role: Design, build and operate the Nile River Bus Ferry system, and maintain the fleet of Nile River Bus Ferry and its terminals through executing a contract for the provision of services. Project Public sector role: Availability the rivers Nile lines, facilities and terminals to Structure the investor, and River Transport Authority, Ministry of Irrigation, Cairo Governorate and the Ministry of Tourism are responsible for issuance of required licenses. Investment Approximately, from 500 to 600 million EGP Costs Expected time to finalize Pre-feasibility study in Jan 2014 Time Table Tendering Procedures: Q1, 2014

30 Projects under study to be tendered Q3/2014 Project Name Tendering Authority Project Objectives Project Description Pre-feasibility Studies Consultants Suez Canal Specialized University Hospital Ministry of Higher Education / Suez Canal University The Suez Canal University aims to provide and upgrade specialized clinical and educational services according to the international standards and medical codes, also to resupply the shortage in the vital services such as intensive care, neonatal ICU and advanced clinical services such as neurosurgery and vascular surgery. Suez Canal University Hospital serves five Governorates in Egypt (Port Said, Ismailia and Suez and the North Sinai, South Sinai). The Suez Canal specialized university hospital was built 9 years ago with the capacity of 230 beds, the University could not operate or refurbish or equip or furnish the building due to the lack of financing. Suez Canal University wishes to tender the hospital building through the PPP Program. Technical Consultant: Mott MacDonald

31 Projects under study to be tendered Q3/2014 Project Name Pre-feasibility Studies financed by: Project Structure Investment Costs Time Table Suez Canal Specialized University Hospital Arab Financing Facility for Infrastructure (AFFI) Private sector role: Finance, refurbish, Furnish, Equip, maintain and provide non-clinical services as catering, security, cleaning maintenance of the building and equipment, and handover the hospital after contract duration Public sector role: Responsible for the provision of all clinical, educational activities related to the Project and its costs. These include medical consumables, and clinical staff (doctors, nurses, etc.),. The Private sector will receive periodic Service Availability Payments, as well as presenting government role in monitoring, supervision and applying related laws and ministerial decrees. TBD after finalizing the pre-feasibility studies Based on change of scope and the number of beds from Suez Canal University, it is expected to finalize the Pre-feasibility study in March 2014 Tendering Procedures: June 2014

32 Projects under study to be tendered Q3/2014 Project Name Tendering Authority Project Objectives Project Description Pre-feasibility Studies Consultants Pre-feasibility Studies financed by: Hurghada Desalination Plant National Authority For Potable Water and Sewage Provide drinking water to meet citizens demand in the Governorate Construction of Hurghada desalination Plant with total capacity of 40,000 M3/day to provide Hurghada with the necessary Water, the plant will be constructed on 2 phases 20,000 m3/day each Waiting for allocation of required lands to start tendering and contracting the advisor Agreement With EBRD to Finance the pre-feasibility studies

33 Projects under study to be tendered Q3/2014 Project Name Hurghada Desalination Plant Project Structure Investment Costs Time Table Private Sector Role : Design, Finance, construct, operate & maintain the Plant Public Sector Role : Provide the land of the Project and buy the full production of the plant and presenting government role in monitoring, supervision and applying related laws and ministerial decrees. Will be determined after finalizing the pre-feasibility studies Estimated to Finalize the pre-feasibility study and begin the tendering procedures is Q3, 2014

34 Projects under study to be tendered Q3/2014 Project Name Tendering Authority Project Objectives Project Description Pre-feasibility Studies Consultants Pre-feasibility Studies financed by: Sharm El Sheikh Desalination Plant National Authority For Potable Water and Sewage Provide drinking water to meet citizens demand in the Governorate Construct of Sharm El sheikh Desalination Plant With total capacity of 20,000 m3/ day Waiting for allocation of required lands to start tendering and contracting the advisor Agreement with EBRD to Finance the pre-feasibility studies

35 Projects under study to be tendered Q3/2014 Project Name Sharm El Sheikh Desalination Plant Project Structure Investment Costs Time Table Private Sector Role : Design, Finance, construct, operate & maintain the Plant Public Sector Role : Provide the land of the Project and buy the full production of the plant and presenting government role in monitoring, supervision and applying related laws and ministerial decrees. Will be determined after finalizing the pre-feasibility studies Estimated to Finalize the pre-feasibility study and begin the tendering procedures is Q3, 2014

36 Projects under study to be tendered Q3/2014 Project Name Tendering Authority Project Objectives Project Description Pre-feasibility Studies Consultants Pre-feasibility Studies financed by: Heliopolis / New Cairo Metro Cairo Governorate Helping in Solving the Traffic & Transportation Problems by using an Unutilized Methods of transportation Redevelopment of Heliopolis / New Cairo Metro From Heliopolis To 10th District Nasr city, and establish of a new Metro line to connect between Nasr City and American university in New Cairo City Technical Consultant : SNC - Lavalin Legal Consultant : Gide Loyrette World Bank

37 Projects under study to be tendered Q3/2014 Project Name Project Structure Investment Costs Time Table Heliopolis / New Cairo Metro Private Sector Role : Construct, Manage, Operate & Maintain of the Project Public Sector Role : Provide the necessary path of the metro line and presenting government role in monitoring, supervision and applying related laws and ministerial decrees. Will be determined after finalizing the pre-feasibility studies Estimated to Finalize the pre-feasibility study May 2014 Expected time to begin the Tendering procedures is Q3, 2014

38 Projects under study to be tendered Q3/2014 Project Name Tendering Authority Project Objectives Project Description Rollout & Automation of the Notarization Offices in Egypt Project Ministry of Justice - Ministry of Communications and Information Technology The main objective is to extend a consistent, efficient and superior service to the Egyptian public through a fully automated and fully integrated network of Notary Offices spread across the country. This will be achieved by providing the citizens with better waiting conditions, more professional service and an overall better experience. Compile and secure a national archive of the notarized transactions performed throughout the country Rollout & Automation of the Notarization Offices for 270 offices around the country through upgrading the current offices and perform necessary civil works to bring all notary offices. Take over the current Data Centre, and perform the necessary maintenance and upgrading that is required to accommodate the load increase expected to render the service throughout the country. Provide a set of new value added services to the public through creating online and mobile set of applications that citizens can use remotely.

39 Projects under study to be tendered Q3/2014 Project Name Pre-feasibility Studies Consultants Pre-feasibility Studies financed by: Project Structure Investment Costs Time Table Rollout & Automation of the Notarization Offices in Egypt Project Ministry of Communications and Information Technology Private Sector Role : Construct, Execute the engineering works & technology infrastructure, Manage, Operate, Maintain, Training, & follow up the services level of all the offices for Project duration. Public Sector Role: Provide staff from the Ministry of Justice for the notarization process, as determined by the law Approximately 650 Million EGP Expected time to finalize Pre-feasibility study in March 2014 Tendering Procedures: May 2014

40 Egypt&Italy Trade & Investment

41 Main Contractual Framework Agreements: Egypt -Italy Agreement Egypt- EU Association Agreement Action plan (ministry of Trade & Industry of Egypt Ministry of Economic Development of Italy) Agreement on cooperation in the maritime field MOU for Strategic Cooperation MOU between GAFI and SIMEST Agreement for the conversion of debt Protocol to support SMEs Date of entry into force Avoidance of Double taxation Agreement Agreement to promote and protect the investments between the two parties

42 Bilateral Trade : Egypt-Italy (value : million euro ) Item/ Year Jan sep 2012 Jan sep 2013 variation Egyptian Exports 1,422 1,888 2,528 2,296 1,828 1, % Petroleum Exports 764 1,008 1,319 1,359 1, % Non Petroleum Exports , % Egyptian Imports 2,617 2,936 2,590 2,863 2,033 2, % Trade Volume 4,039 4,824 5,118 5,159 3,861 3, % Trade Balance -1,195-1, % Source:ISTAT

43 Top Egyptian Exports to Italy during the period ( ): (value : million euro ) Products by HS Code chapter Variation % 27-MINERAL FUELS, MINERAL OILS 1, , , % 76-ALUMINIUM AND ARTICLES THEREOF % 52-COTTON % 31-FERTILIZERS % 7-EDIBLE VEGETABLES AND CERTAIN ROOTS AND TUBERS % 72-IRON AND STEEL % 25-SALT; SULPHUR; EARTHS AND STONE; PLASTERING MATERIALS, LIME AND CEMENT % 41-RAW HIDES AND SKINS AND LEATHER % 62-ARTICLES OF APPAREL AND CLOTHING ACCESSORIES % 39-PLASTICS AND ARTICLES THEREOF % Source:ISTAT

44 Top Egyptian Imports from Italy during the period ( ): (value : million euro ) Products by HS Code chapter Variation % 84 - BOILERS, MACHINERY AND MECHANICAL APPLIANCES 1, % 27-MINERAL FUELS, MINERAL OILS AND PRODUCTS OF THEIR DISTILLATION % 85-ELECTRICAL MACHINERY AND EQUIPMENT AND PARTS % 39-PLASTICS AND ARTICLES THEREOF % 29-ORGANIC CHEMICALS % 73-ARTICLES OF IRON OR STEEL % 72-IRON AND STEEL % 87-VEHICLES OTHER THAN RAILWAY OR TRAMWAY ROLLING-STOCK % 38-MISCELLANEOUS CHEMICAL PRODUCTS % 32-TANNING OR DYEING EXTRACTS % Source:ISTAT

45 Italian Investments in Egypt Total Italian investments in Egypt (in 31/7/2013) Main investment sectors / Value of Italian Shares Main investing companies in Egypt Total capital 2.7 Billion US Dollar. Italian Participation 1.5 billion US Dollar. Total projects 866 Italy rank 11th among foreign investors in Egypt. Finance, No. of companies (6), value: Million USD. Industry, No. of companies (269), value: 254 Million USD. Services, No. of companies (274), value: Million USD. Tourism, No. of companies (183), value: 80.1 Million USD. Construction, No. of companies (93), value: 9.7 Million USD. Intesa Sanpaolo Bank of Alexandria Banking & Finance Italcementi 5 Cement Plants ENI Petroleum Pirelli Alexandria tires Italgen Renewable energy Tecnimont Fertilizers Techint - Constructions Domina Group - Tourism Cottonificio Albini Mediterranean textiles Textiles Danieli Group Steel Industries Edison - Petroleum

46 THANK YOU شكرا Consulate of Egypt Commercial Office Milan

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