Egyptian Cleopatra Group to inject $128mn investments by 2016

Egyptian Cleopatra Group targets pumping new investments estimated at one billion Egyptian pounds (US$127.7 million) by 2016, chairman Mohamed Abul-Enein told Amwal Al Ghad on Sunday.

Those investments are set to be allocated for a number of expansions in real estate, industrial, and touristic projects, Abul-Enein stated.

He added that Cleopatra Group has decided to expand in local markets despite the offers it has recently received from six countries; Guinea, Sudan, Swaziland, Ethiopia, South Africa, and Morocco, to establish a number of investment projects there.

The group is currently exporting its products to 15 African states and targets making use of the African Free Trade Zone (AFTZ), the chairman added.

AFTZ announced at the EAC-SADC-COMESA Summit on 22 October 2008 by the heads of Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA) and the East African Community (EAC).