Egypt’s Qalaa Holdings to invest $1.7 billion in next 3 years

By Amwal Al Ghad English On Dec 2, 2018

Ahmed Heikal Qalaa Holdings — Qalaa Holdings Chairman Ahmed Heikal at Qalaa's section at the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 14, 2015. (Photo Credit: REUTERS/Amr Abdallah Dalsh)

Qalaa Holdings, one of Egypt’s largest investment companies, plans to invest 30 billion Egyptian pounds ($1.7 billion) in its projects over the next three years, its chairman said Saturday.

The move comes out of Qalaa’s optimism and confidence about the Egyptian economy following a package of recent reform policies enacted by the government, Ahmed Heikal said at a conference in Cairo.

Most of the money would go for oil and energy projects for Qalaa in Mostorod district in eastern Cairo, Heikal add.

“Investors are bullish, and I’m one of them, about the economic reforms in Egypt. We know these reforms are painful for some people due to high prices in the past three years, but I believe this pain will be followed by a relieve afterwards,” Heikal said.