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Egyptian delegation in UAE to discuss investments Egypt's ministers of finance, investment and petroleum head to the United Arab Emirates to discuss more economic opportunities
A high-level delegation from Egypt's government travelled to the United Arab Emirates in the latest effort by the Arab world's most populous country to ensure investments keep flowing from its oil-rich neighbour. Egypt's Finance Minister Hany Kadry Demian, accompanied by Investment Minister Ashraf Salman and Petroleum Minister Sherif Ismail, told reporters they would be meeting with high level Emirati officials and business leaders during the three-day visit to discuss investment opportunities in Egypt. The UAE along with Saudi Arabia and Kuwait has donated over $20 billion in aid to help Egypt's ailing economy since the ouster of Islamist president Mohamed Morsi in July 2013. Dubai-listed construction firm Arabtec agreed last March to build 1 million houses in a project worth LE280 billion ($40.2 billion) in Egypt. The current government is aiming to reign in the budget deficit to 10 percent of GDP in the coming fiscal year by implementing a spending cut of LE44 billion from its vast state subsidy program for petroleum-derived fuels. In response to the election of president Abdel-Fattah El-Sisi in late May, Saudi Arabia's King Abdullah called for a "donors' conference" to help Egypt overcome its economic crisis. Egypt's economy is estimated to have grown by 2 percent in the past fiscal year, while the deficit reached 9.3 percent of GDP in the first 11 months of 2013/2014. Net Foreign Direct Investments (FDIs) into the country reached $1.6 billion in the second quarter. http://english.ahram.org.eg/News/105611.aspx
