A two-day investment conference at the Red Sea resort of Sharm el-Sheikh, with Egyptian officials and international companies, has come up with plans for billions of dollars that would boost the local economy and utilize Egypt’s offshore gas reserves.
“Egypt is on the edge of an investment super highway, if it gets things right, ” says Arif Naqvi, Chief Executive of Abraaj Group in a conference panel discussion about investment opportunities in Egypt.
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Accoding to the Financial Times, BG has committed to investing $4 billion over two years, Italian group ENI $5 billion over four to five years, BP $12 billion, and Masdar, an Abu Dhabi-based company, and Saudi Arabia’s ACWA Power $15 billion.
German industrial giant Siemens has signed $10.5 billion deals to expand Egypt’s electricity network, and to install 2 gigawatts of wind power.
Egyptian real estate developer Palm Hills and Emirati investment company Aabar have signed a $19.7 billion MOU with Egypt’s Ministry of Housing to implement a real estate project just outside Cairo which includes the construction of a new city.
The Financial Times noted that Egypt had regained its international clout—after 4 years of political strife and economic instability—by paying down the bulk of its debt to international companies, cuitting it down from $7 to $3 billion.
On Friday, several Gulf states pledged $12.5 billion in investments, including beefing up their deposits in Egypt’s central, which made the Egyptian economy more appealing to new investors.
