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Egypt's PM Welcomes Global Luxury Brands to Explore Investment Opportunities

Taarek Refaat Egyptian Prime Minister Mostafa Madbouly met today with representatives of major global luxury brands in New Alamein City, aiming to position Egypt as a regional hub for high-end retail and attract new foreign direct investment in the fashion and lifestyle sector. The high-level meeting included Khaled Abdel Ghaffar, Deputy Prime Minister and Minister of Health, alongside Claudine Caviac and Ibrahim Sami—strategic partners to some of the world's leading luxury fashion houses. Senior officials from Egypt's export, investment, and trade authorities were also in attendance. PM Madbouly welcomed the global brand representatives and emphasized Egypt's strategic market potential, noting a growing domestic appetite for luxury products and the opportunity to enhance retail offerings for international tourists. "Egypt has a vast consumer base. Many Egyptians travel abroad for luxury shopping, and we want to provide those experiences here at home—especially for tourists visiting Egypt," he stated. He highlighted Egypt's recent economic reforms, including foreign exchange liberalization, which have stabilized currency markets and improved the investment environment. The government is actively working to support "shopping tourism" as part of broader economic diversification goals. Minister Abdel Ghaffar stressed the government's commitment to attracting international retail giants and detailed several incentives available to foreign investors. These include tax benefits and trade exemptions under the Euro 1 certificate, allowing goods imported into Egypt from Europe to benefit from reduced customs duties. Claudine Caviac, who has previously visited Egypt for both business and leisure, praised the country's recent development and expressed her optimism about its stability and potential. 'I'm impressed by Egypt's progress. There are clear signs of opportunity here,' she said, noting that she would conduct a detailed feasibility study and present it to leading global luxury brands. Caviac added that the aim would be to recreate a successful, integrated shopping experience for both Egyptians and foreign tourists—making Egypt a compelling destination for high-end retail. Strategic partner Ibrahim Sami echoed that sentiment, expressing strong interest in bringing international fashion investments to Egypt and contributing his expertise to the project. Madbouly concluded the meeting by calling for the development of a concrete action plan to ensure the successful entry of luxury brands into the Egyptian market. He reiterated Egypt's readiness to partner with global retail leaders and support them with infrastructure, regulatory facilitation, and market access. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks