$13 billion new British investments in Egypt over next 5 years

CAIRO – 19 February 2017: British Petroleum is adding to its $30 billion investments in Egypt with a further $13 billion over the next five years, the British embassy in Cairo said in a statement last week prior to the start of the first-ever Egypt Petroleum Show (EGYPS2017).

The embassy said the U.K. is “committed to further deepening cooperation and supporting Egypt’s economic growth at this vital time through a new generation of investment.”

Egypt’s economy has been turbulent over the past six years, following the January 25 Revolution and the political fallout that ensued. Ongoing political turmoil and terrorist attacks have negatively affected the tourism sector. Inflation has continued to rise from 13 percent in September 2016 to nearly 30 percent at the start of 2017, according to CAPMAS.

“Britain is already number one investor in Egypt, but U.K. companies are keen to explore the evolving opportunities in the Egyptian and North African energy arena,” the embassy said.

“Energy investment is what will revive Egypt’s economy in 2017,” British Ambassador to Egypt John Casson said. “I have talked today to British companies big and small. I am delighted by their enthusiasm for Egypt and proud of the level of cooperation they are building with their Egyptian counterparts in government and private sector.”

Casson added that “British investors are leading the way with the fastest action, the biggest investments and the world’s best technology” in order to benefit from two large new fields in the Mediterranean.

“Companies have been given direct access to the Ain Sokhna port and the site for the new capital where they have been able to see for themselves the scale of investment currently underway,” the U.K. head of department for international trade for Egypt said.
EGYPS2017 is the largest oil and gas industry event in the North Africa region.

According to the embassy, the U.K. played a leading role in the event, “with over 40 British companies from English and Scottish trade missions exhibiting, and strong British representation in all the panel discussions.”