Egypt Sees $20 bln Foreign Aviation Investments within 10 Years
Speaking to the Gulf-Egyptian Investment Forum 2013, the Egyptian of Minister Civil Aviation Abdul Aziz Fadel said the aviation sector in Egypt represents an alluring element for having foreign investments in the country. He pointed out that UAE has made prominent progress in investing in the Egyptian aviation sector.
The aviation business is playing an important role to attract investments, the minister noted.
Fadel has pointed out that the expected investment’s size of aviation sector worth $20 billion within 10 years, explaining that Cairo Airport city is a term for an “inside the fence” airport area including the airport (terminals, apron, and runways) and on-airport businesses such as air cargo, logistics, offices, retail, and hotels. The airport city is at the core of the aerotropolis, a new urban form evolving around many major airports will be established with total investment $17 billion.
Fadel illustrated that it is schedule to launch two satellites in order to cover the aviation sector in Africa with total investments up $860 million.
He added that the capacity of Cairo International Airport up 23 million passengers and it is schedule to reach 68 million by 2020, in addition there is a plan to develop Sharm El-Sheikh Airport to accommodate 10 million passengers with EGP2.3 billion investments.
He explained that the Egyptian aviation will contribute with 1.2% from the gross national income and contributing to provide 197 K job opportunities and the sector will pay EGP3.5 billion annual taxes.
He asserted that the sector do not bear the state’s treasury any cost, as it depends on self-financing , explaining that it is currently pumping more investments that are commensurate with the permitted activities for investments which provide job opportunities and improve and develop health care services for the workers.
Furthermore, he confirmed that the development of airports ,Academy of Aviation and Aviation Holding Company have reconstructed with self-funded, after converting airports to economic activities.
