Egypt's c.bank chief tells AMF summit financial challenges require stronger supervisory action    Egypt's Top 50 Women launches national STEM & AI Challenge Competition    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    Saudi c. bank cuts repo, reverse repo rates by 25 basis points    UN rejects Israeli claim of 'new Gaza border' as humanitarian crisis worsens    Deli Group breaks ground on new factory in 10th of Ramadan City    Egypt's Cabinet approves development of Nasser Institute into world-class medical hub    Egypt reports sharp drop in waste burning incidents during autumn 2025    Servier Egypt launches Tibsovo as first targeted therapy for IDH1-mutated cancers    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egypt's exports rise 28.2% in September 2025 as trade deficit narrows    Egyptian Cabinet prepares new data law and stricter fines to combat misinformation    Egypt, EBRD discuss boosting finance in petroleum, mining sectors    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Blair dropped from US Gaza governance plan after Arab objections    Egypt's Abdelatty urges rapid formation of Gaza stability force in call with Rubio    Egypt calls for inclusive Nile Basin dialogue, warns against 'hostile rhetoric'    Egypt joins Japan-backed UHC Knowledge Hub to advance national health reforms    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



British companies operating in Egypt intend to increase investments
The New Investment Law offers incentives to investors, and the investment map will include various investment opportunities, says Nasr
Daily News Egypt Published in Daily News Egypt on 20 - 06 - 2017

The leaders of the largest British companies operating in Egypt intend to increase their investments in the next period, especially after the approval of the New Investment Law by President Abdel Fattah Al-Sisi.
The British investors hailed the improvement experienced in the investment climate in Egypt after their meeting with Minister of Investment and International Cooperation Sahar Nasr on Tuesday.
Nasr held talks with a number of leading British companies investing in Egypt, in the presence of Khaled Nasir, chairperson of the British Egyptian Business Association (BEBA), and officials of the British Embassy in Cairo, at the ministry's headquarters in Salah Salem.
The meeting was also attended by directors and representatives of Vodafone, Carillion, Actis for Direct Investment, GlaxoSmithKline, and HSBC.
The minister expressed her desire to attract more British investments to Egypt, which amounted to about $43bn over the last 10 years, stressing that Egypt has an open market suitable for British investments.
"The ministry is working to improve the investment environment and eliminate bureaucracy, and the New Investment Law includes a number of incentives that can benefit British investors in Egypt," said Nasr.
She noted that the ministry has launched a call centre for investors through a hotline 16035 to respond to their inquiries. The ministry's portal is also developed to allow investors to complete their documents and procedures online.
Nasr revealed that she is coordinating with the other ministries to develop an investment map that will offer various investment opportunities to Egyptian, Arab, and non-Arab investors in conjunction with achieving Egypt's vision of sustainable development.
The minister stressed that the planned investment map will present real opportunities based on an analysis of local resources in all sectors and governorates and will also include information on required huge projects and small and medium-sized enterprises (SMEs) in each region.
Nasr stressed that the government welcomes the private sector to participate in the development and implementation of the economic programme, noting that the government works on including the private sector in the development process through participation in mega national projects.
One of these projects is the Suez Canal Development Project, which aims to benefit from the huge potentials of this promising region being a linkage between the east and the west. The project aims to turn the area into a global centre for navigation, logistics, and industry.
Amr Mamdouh, chairperson and managing director of GlaxoSmithKline, said that his company's investments in Egypt reached $800m.
For his part, Ayman Essam, head of external relations at Vodafone Egypt, said that his company has allocated EGP 2bn to implement new extensions this year.
Moreover, Khaled Zaki, regional manager of British group Carillion, said his company's investments reached $1bn in Egypt.
Engi Khalaf, financial and administrative director of Rockhopper Exploration, said her company is investing about $100m in Egypt, and it is the first time for the company to operate here.
"We believe that Egypt has one of the most important growth markets in the world," said the representative of HSBC. He added that he spent more than 35 years in Egypt and still believes in the country's prosperous future, stressing that his bank is committed to implementing its long-term business growth plan in the Egyptian market.
Sherif El Khouly, Actis' regional manager of North Africa and the Middle East, said that his company's investments in Egypt reached $750m, noting that their subsidiary Lekela Power will inject about $400m to establish a wind farm with a capacity of 250MW in the Gulf of Suez.

Clic here to read the story from its source.