Gulf Investments in Egypt Hit $49.9 bln – Minister

Speaking to the GCC-Egyptian Investment Forum which has kicked off in Cairo, Egypt’s Investment Minister Osama Saleh said the investments owned by GCC states in Egypt are valued at $49.87 billion, higher than Western investments that amount to $46.2 billion, which highlights the strong economic ties between Egypt and the Gulf countries.

The Egyptian minister further stated in his keynote speech at the Gulf-Egyptian Investment Forum which has kicked off in Cairo that the Egyptian market is attractive for investors, as the country’s net foreign investments recorded nearly US$ 3 billion by the end of June 2013.

The minister also revealed that the government will launch up to 60 investment projects during the forum, which will be undertaken in several sectors such as infrastructure, telecommunication, oil, construction and building, tourism and electricity.

The two-day Gulf-Egyptian Investment Forum is set to bring together key Egyptian and GCC investors, financiers and partners to debate and discuss the significant investment opportunities present in Egypt’s economic restructuring.

In addition, the forum will also focus on fostering ongoing strategic partnerships between Egypt and the GCC as both parties look towards a future of continued collaboration and increased economic stability in the region.