CAIRO: Around 1,100 Arab and foreign investors have confirmed their participation at the upcoming Egypt Economic Development Conference scheduled to take place in Sharm el-Sheikh March 13-15, Minister of Investment Ashraf Salman said Monday.
Egypt hopes the long-awaited economic conference would lure fresh investments to boost its limping economy battered by political turmoil since the January 25 Revolution.
Speaking at a business conference in Dubai Monday, Salman said, “Around 1,100 investors from a total of 6,000 investors invited to the conference have confirmed their participation,” adding that he expected approximately 2,000 investors to attend.
Around 14 Egyptian investment banks in coordination with the French Lazard investment bank are promoting economic projects that Egypt intends to offer during the summit.
Salman further noted that a new unified investment law will be issue soon. “The law stipulates that lands will be allocated to investors through the usufruct system for the first time,” added the minister.
Additional reporting by Mahmoud Askar.