© Reuters
Investing.com – Chief Executive Officer of the National Cooling Company (DFM:) Central (UAE Tabreed), Khalid Al Marzouki, said his company is in the process of signing a contract with the government of the Indian state of Telangana to look into opportunities around Pharma City for mixed development or even opportunities in the state. in general.
Al-Marzouqi believes that India and Egypt are promising markets for refrigeration until 2050.
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The CEO of the Emirati Tabreed added that his company is always studying opportunities in Egypt and elsewhere, but the exchange rate difference prompted the company to wait to find out appropriate solutions regarding the continuation of its business there, and this matter, according to him, “is a warrior’s rest and not an exit,” in statements to (CNB). Arabic C).
Tabreed is affiliated with about 31 companies, in which ownership percentages are distributed from 20% to 100%, and Al-Marzouqi stated that I do not currently have the intention to exit one of the subsidiaries, but on the contrary, the tendency may be to increase its ownership share – if necessary -, while he did not rule out offering any including in the financial markets, pointing out that the matter depends on its feasibility and the decision of the strategic partner.
The CEO of Tabreed denied that his company had requests to enter as a strategic investor in it, saying: “There is no intention, unless it adds and increases our presence.”
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About a month ago, Adel Salem Al-Wahidi, the chief financial officer of the Emirati company, Tabreed, said that his company was “be patient” regarding new investments in the Egyptian market until a clear vision regarding the pound.
Al-Wahidi confirmed at the time that the Egyptian market is “promising”, and his company already has two projects in Egypt, and it is also looking forward to any opportunities that meet the investment criteria and address the current problems, stressing that the company is waiting for a clear picture regarding the Egyptian currency.
The International Monetary Fund has postponed its review of the financing program for Egypt, and Arab Gulf states have not yet come forward to provide more financial aid, as potential lenders seek more evidence of the authorities’ commitment to pursuing economic reforms, including providing a flexible and real exchange rate for the Egyptian currency. and eliminating parallel prices or the black market for dollars.
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Investors and analysts expect that there will be a new devaluation of the currency, although this depends to a large extent on the ability of the government to secure sufficient liquidity from foreign currencies, including the sale of government assets, to solve the crisis of the accumulation of imports.
It is also awaiting a review by the International Monetary Fund of a $3 billion loan program agreed last year, a necessary step to receive the next tranche of the loan. Where it was expected to take place this September after it was scheduled to take place last March, but an official said this week that the review may be postponed and not take place in September.
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2023-09-06 10:07:00
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