CAIRO: “Arab investments have increased after the Egypt Economic and Development Conference (EEDC) held in Sharm el-Sheikh last March, and about 1,076 Arab companies have been established,” stated Hassan Fahmy, Chairman, General Authority for Investment and Free Zones, Youm7 reported.
Fahmy’s speech came during the Joint Arab Investment Conference which kicked off April 14 and will end April 17 in Cairo and Sharm el-Sheikh, under the sponsorship of the Arab League. The conference is organized by Arab Women Investors Union in the presence of Egyptian Investment Minister and number of Arab investor delegations.
Fahmy added that Arab countries’ process towards economic reforms will reduce the deficit rate in the budget and decrease inflation, also encouraging Arab investors to transfer their investments to the region.
According to Fahmy, 10 Arab countries are investing about 23 billion EGP ($ U.S. 3.01 billion) in Egypt.
Huda Yassi, the Arab Women Investors Union’s chairperson, said that Egypt entered a new era with the President Abdel Fatah al-Sisi who makes account of the political and economic reforms,” Youm7 reported.
A a total of 40 agreements and memoranda of understanding (MOU) with estimated investments of $162.9 billion were signed during Egypt Economic Development conference (EEDC) in March, and $12.5 billion in pledged deposits and investments were made by the UAE, Saudi Arabia, Kuwait and Oman, according to Prime Minister Ibrahim Mahlab during his concluding remarks at the EEDC.