UK firms eye more investment, Vodafone plans LE2B expansions

CAIRO – 20 June 2017: Mobile services provider Vodafone Egypt plans to allocate LE 2 billion ($110 million) for expanding their business in 2017, external relations manager Ayman Essam said Tuesday.

During a meeting with Minister of Investment Sahar Nasr, representatives of British companies operating in Egypt – including Vodafone – expressed their interest in boosting their investments.

Carillion Group for multinational facilities management and construction services company is currently investing $1 billion, regional manager Khaled Zaki said during the meeting. U.K. pharmaceutical company GlaxoSmithKline reached a level of investment of $800 million, manager Amr Mamdouh said.

A new entry to the Egyptian market, Rockhopper Exploration, started operating in the Abu Sennan Concession in the Western Desert in August 2016 and has invested $100 million in Egypt, financial manager Ingy khalaf said.

Meanwhile, direct investment company Actis injected $750 million in investments, Middle East and North Africa manager Sherif el-Kholy said, adding that their affiliated company Lekela Power will pump $400 million in investments into Egypt over the next period to build a 250MW wind plant in the Gulf of Suez.