Egypt to top $10 billion FDI target this year, sahar Nasr

CAIRO - 2 August 2017: Egypt may exceed its 10 billion-dollar target for foreign direct investment this year as a new investment law comes into force, said Investment and International Cooperation Minister Sahar Nasr.

In an interview with Bloomberg, Nasr said that 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 published by Bloomberg on Wednesday. Nasr said it was too early to comment on the size of the potential deals.

“With the devaluation, the cost of labour is lower than elsewhere,” Nasr said, adding that even with recent reductions in fuel subsidies, the cost of energy in Egypt remains less than in neighbouring countries or other emerging economies. “Egypt sure has an edge,” added the minister.

“In the oil and gas sector, currency convertibility was an issue, and now with the problem of the arrears being addressed, they are picking up investment at a faster rate,” she added.