Egypt enjoys political, security stability

Egypt enjoys the political stability and security that allows luring more investments, Alaa el Din Omar, the CEO of the Egyptian General Authority For Investment and Free Zones (GAFI) said.

This is a result of finalizing the implementation of the political road map and thanks to the efforts exerted by the political leadership both at the internal and international levels, Omar added in an interview with MENA on the sidelines of the forum on investment issues in the Arab nation, concluded in the Jordanian city of Aqaba on Thursday.

He highlighted a variety of business opportunities in Egypt, especially in the mega projects, in addition to the advantages provided to Arab and foreign investors in accordance with the investment law.

Foreign investments in Egypt were estimated in the fiscal year 2014/2015 at $6.5bn, against $4.1bn in the previous year, Omar said, expecting the volume would reach $ 10bn in 2015/2016.

Economic growth rate grew from 2.1 percent in 2014/2015 to 4.2 percent in 2015/2016, GAFI chief said, expecting the rate to be estimated between 5 percent and 5.5 percent in the fiscal year 2016/2017 and to 7 percent in the two years to follow.

Separately, Omar unveiled that a new company, to be in charge of reclamation of 1.5 million feddans, was established on Thursday at a capital amounting to EGP 8bn.

As for the investment forum in Aqaba, Omar said it was a good opportunity to exchange views on potential joint ventures.

Source: MENA