Egypt | - Part 39

Egypt’s Sawiris to diversify Orascom, invest $500 mln in Egypt

SHARM EL SHEIKH, Egypt (Reuters) – Top Egyptian businessman Naguib Sawiris said he was ready to invest $500 million in Egypt and was diversifying his telecoms business into infrastructure, energy and transportation, sectors which need major funds in the country.Sawiris, a billionaire from a powerful Coptic Christian family, said the investment conference in the Red Sea resort of Sharm El-Sheikh had been a success but that the government would need need to make efforts to…

Sisi confident after investment summit; now for the hard part

Posted on by The Editorial Team

SHARM EL-SHEIKH, Egypt, March 15 (Reuters) – President Abdel Fattah al-Sisi was so confident after Egypt signed billions of dollars of deals at an investment summit that he publicly joked on Sunday about haggling with the world’s top chief executives. Yet the real challenge has only just begun.”To Egyptian and international partners, if you really want to contribute to developing this country, you must work night and day and, as for the cost, please give…

Egypt signs MOUs with developers for $12.7 bln in projects-minister

Posted on by The Editorial Team

SHARM EL-SHEIKH, Egypt (Reuters) – Egypt has signed preliminary deals with four Arab real estate developers for four projects worth a total of $12.7 billion, the country’s housing minister said on the sidelines of an economic summit on Sunday.The Arab world’s most populous country faces a persistent housing shortage, with population growth outstripping new construction of affordable housing units.Moustafa Madbouly said that the housing ministry had signed MOUs with Egypt’s Mountain View and Saudi Arabia’s…

Sisi says Egypt needs $200-$300 billion to develop

Posted on by The Editorial Team

SHARM EL-SHEIKH, Egypt (Reuters) – Egypt needs $200-$300 billion to develop, President Abdel Fattah al-Sisi said at an international investment conference on Sunday, pressing his campaign to lift the Arab world’s most populous country from years of economic turmoil.Egypt, with a population of about 90 million, has been hit hard by economic and political upheaval since an uprising that toppled autocrat Hosni Mubarak four years ago. Investment shrivelled, tourism dwindled as did foreign currency reserves.With…

BP signs $12 billion energy deal in Egypt

Posted on by The Editorial Team

SHARM EL-SHEIKH, Egypt (Reuters) – Oil company BP has signed an agreement to invest $12 billion in Egypt that will produce 3 billion barrels of oil equivalent, a joint statement from the company and the government said on Saturday.The deal, finalised at an international investment conference in the Sharm El-Sheikh resort, will help Egypt as it tackles its worst energy crisis in decades.The agreement will include a West Nile Delta project, exploration and resource appraisal…

Egyptian businessman says Cairo should fire slack civil servants

Posted on by The Editorial Team

SHARM EL-SHEIKH (Reuters) – One of Egypt’s top businessmen said on Saturday the country needs to fire inefficient civil servants to attract investment and strengthen the economy.Speaking at an international investment conference in the Red Sea resort of Sharm El-Sheikh, billionaire Naguib Sawiris, chairman of Orascom TMT Holding, said firm action was needed.”Unfortunately, the structures under the ministers are not working as fast and efficient as our current ministers,” Sawiris told the economic summit.”We’re lucky…

Islamic Trade Finance Corp signs $3 bln oil products deal with Egypt

Posted on by The Editorial Team

SHARM EL-SHEIKH, Egypt (Reuters) – Islamic Trade Finance Corporation signed a $3 billion deal with Egypt on Saturday to help it import refined petroleum products.The agreement was announced at an international investment conference in the Red Sea resort of Sharm El-Sheikh, where billions of dollars in commitments have boosted President Abdel Fattah al-Sisi’s efforts to delivery an economic recovery.

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