CAIRO - Local and foreign investments in Egypt have been growing stronger despite last Saturday's attack on a church in the coastal city of Alexandria that left 23 people dead, an official said on Saturday. Osama Salah, chairman of the General Authority for Free and Investment Zones (GAFI), said that the investment market has not been affected by the attack, which he dismissed as chartered and rare. "Over the past week, Egypt's investment market, which offers good value (s) to capital owners, has witnessed the setting up of 57 joint stock companies (JSCs)," Osama said. He said that said recent figures showed an average increase in the number of new business ventures, which were set just two days after the attack . He confirmed that the impact of the incident was less than feared. "Despite the tragedy, the founding of these 57 companies is proving a robust," Osama said, confirming that investment stability remains entrenched. He said capital owners' confidence has infuses the economy with fresh investments despite the attack "GAFI, which approved 140 investment proposals last December, expects foreign direct investment to grow further in 2011," Osama said, adding that his Authority was keen on offering more incentives for small businesses and capital owners wishing to launch new business ventures here.
