President Abdel-Fattah El-Sisi approved a governmental proposal to establish a Higher Council for Investment، Presidential spokesman، Alaa Yousef said on Saturday. The decision comes after President El-Sisi met with Premier Sherif Ismail and State Minister for Investment Dalia Khorshid on Saturday. Khorshid proposed during the meeting to establish a Higher Council for Investment، headed by the president in order to manage the state's investment policies in all sectors. Egypt eyes total investment target for the fiscal year of 201617 at EGP 531 billion ($59.76 billion)، which represents 16-16.5 percent of Gross Domestic Product (GDP).