Egypt woos GCC investors for $25bn projects

Egypt said yesterday it would carry out 52 projects worth about $25 billion (Dh91.82bn) and urged Gulf oil producers to invest in such ventures. Investment Minister Mahmoud Mohyidden said Egypt gives priority to attracting foreign capital, adding that such investments jumped from about $2bn during 2003-2004 to $13bn in 2008. "Egypt is currently expanding its infrastructure and this will widen the scope for investors," he said during an Egypt-GCC investment forum in Cairo. "We have plans to carry out 52 projects in infrastructure, utilities and services with a total value of $25bn. These projects will largely contribute to attracting capital to Egypt and give a big opportunity to Gulf investors." The one-week event, which includes an exhibition and a conference, is the first major investment forum to bring together businessmen and officials from Egypt and the six-nation Gulf Co-operation Council (GCC). Opening the forum, Secretary-General of the Federation of the GCC Chambers of Commerce and Industry, Hassan Naqi, said the major meeting presented an opportunity for Egypt and the GCC countries to expand their mutual investments. "There is no doubt that such events will largely contribute to increasing mutual investments between the GCC and Egypt and among Arab countries in general. Stronger inter-Arab co-operation in the economic and investment fields has become imperative amidst the current global financial crisis," Naqi said in his address, which was sent by the Federation of the GCC Chambers to Emirates Business. Meanwhile, Egypt's Electricity Minister Hassan Younes will meet World Bank officials today to seek funding for a 1,500MW power plant in North Giza, state news agency Mena said yesterday. The plant is due to come on stream in January 2013, the agency quoted Younes as saying. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .