UK firms bullish on Egypt, eyeing more investment

A number of UK-based firms have shown plans to step up their investments in Egypt, which currently amount to $43 billion.

Officials in the UK firms’ Egypt offices met Tuesday with Egyptian Minister of Investment and International Cooperation Sahar Nasr to discuss plans to boost their investments in the country.

Egypt enjoys a diversification of investment opportunities in various sectors following the liberalisation of the Egyptian pound exchange on Nov. 3, the officials told Minister Nasr.

For instance, GlaxoSmithKline’s investments in Egypt has reached $800 million, managing director of the Egyptian unit Amr Mamdouh said during the meeting. Meanwhile, the investments of the British multinational facilities management and construction services company Carillion in Egypt have recorded $1 billion, its regional manager Khaled Zaki stated.

Representative of HSBC bank in Egypt has also stressed his bank’s commitment to continue its long-term investment scheme in Egypt, which is one of the most prominent developing markets.