Egypt most attractive to investments in Arab world - UAC chief

BEIRUT - 17 July 2018: Secretary General of the Union of Arab Chambers (UAC) Khaled Hanafy underlined that Egypt is the most attractive to investments in the Arab world in view of its political and financial stability as well as the unprecedented leap its investment climate has witnessed over the past few years.

In an interview with MENA in Beirut, Hanafy said Arab businessmen have appetite to invest in Egypt.

He noted that Egypt managed to apply sound economic approaches to pave the ground for larger amalgamation with the international economy and this is the core of economic reform which aims mainly to raise people's standards of living.

Introducing economic reforms was a must after the deterioration in the Egyptian economy during the period from 2011-2014, he noted.

He lauded the country's "comprehensive" economic reform program which focused on downing the budget deficit and realizing economic growth.

Hanafy said that Egypt has surpassed the "critical stage" of economic reform which required the political leadership to be courageous in taking decision.

He added that more measures still need to be taken by Egypt on the road of economic reforms so as to push its development process forward and eventually reap its fruits.

The UAC chief emphasized the importance of taking into consideration the social perspective.

He underlined that financial stability in Egypt is a major factors in attracting investments to its market.