Egypt to Top $10 Billion FDI Target This Year, Minister Says
- Investment pipeline includes energy, logistics and tourism
- Cost of doing business has fallen since float weakened pound
Egyptian Minister of International Cooperation Sahar Nasr.
Photographer: Khaled Desouki/AFP via Getty ImagesEgypt may exceed its $10 billion target for foreign direct investment this year as the weaker pound reduces the cost of doing business in North Africa’s largest economy and a new investment law comes into force, the investment minister said.
Sahar Nasr told Bloomberg she had been approached by investors from Saudi Arabia, Singapore, China and the United Arab Emirates -- including Emaar Properties PJSC Chairman Mohamed Alabbar and Al Ghurair Group -- about potential investments. The pipeline for the fiscal year that began July 1 includes oil and gas, real estate, tourism and logistics investments, she said in an interview in Cairo on Monday. Nasr said it was too early to comment on the size of the potential deals.