SAUDI INVESTORS TO PUMP TWO BILLION USD INTO EGYPT

Egypt is discussing with Saudi firms, to increase their investments in the North African country, including the three-billion-U.S. dollar investment by Al Sharbatly Group, state news agency MENA reported on Sunday.

Egypt’s Minister of Investment and International Cooperation, Sahar Nasr, met with the investors, Sheikh Abdel Rahman al Sharbatly and Sheikh Fahd Al Shobokshy, to discuss means to increase their investments in Egypt.

Implemented in cooperation with Al Shobokshy, Al Sharbatly Group’s investment in Egypt are currently estimated at about three billion dollars.

The group intends to invest an additional two billion dollars, to expand two projects by its “Golden Coast” Company (GOCO), in Sharm El Sheikh and Hurghada, as well as, open the second production line of the South Valley Cement Company, and set up new real estate projects.

Nasr said that Egypt welcomes all investors, who seek to expand their business in the country.

The government has taken a series of measures to facilitate the process, in light of a decision made by the Egyptian-Saudi Business Council, to raise the ceiling of investments to 51 billion dollars, she added.

During the meeting, Nasr said, the new investment law offers incentives for businessmen to set up projects in most-in-need areas, noting that, a new investment map is being drawn, to pinpoint more than 600 investment opportunities across Egypt

Source: NAM News Network