UAE’s Al Habtoor Eyes Huge Investments In Egypt

Khalaf Al Habtoor, Chairman of UAE-based Al Habtoor Group is intending to inject huge investments in Egypt over the coming period, sources in Egypt said, adding that the top official arrived in Cairo Monday in a two-day visit during which he will meet with a number of officials, according to Al-Bayan newspaper.

The total value of UAE’s grants for current projects in Egypt reached nearly US$3 billion, across various sectors including schools, hospitals, factories, grain silos and housing unit, in addition to water plants and sewage networks.

In an exclusive to Al-Bayan, Eng. Mosaad Ghunaim, head of chamber of following up UAE’s grants to Egypt, said the UAE is currently financing 14 projects in Egypt and is considering expansion in solar energy projects, especially as the country’s major projects in this sector are being financed by the UAE grants in Marsa Matrouh and Siwa.

The UAE has pledged a total of US$7 billion in aid for the Egyptian economy so far. These funds go for several projects that are directly related to citizens, a huge portion of which has been undertaken

Source: Mubasher