05/12/2013
60 projects on the business area
49.8 billion dollars of the Gulf investments in Egypt
Egypt has presented about 60 projects on the Gulf investors during the ' Egyptian Gulf investment forum ' which ends today with the participation of the Ministers of the economic community in Egypt, some 500 Egyptians and Gulf businessmen and foreigners. Egypt seeks to attract more investments, amounting to 49.8 billion dollars compared with a total investment of Western 46.2 billion dollars. Egyptian investment Minister Osama Saleh presented an initiative to stimulate investments between Egypt and the Gulf Cooperation Council extends for a period of five years, including facilitating the movement of capital and labor, according to Reuters. The initiative was aimed at economic integration and strategic sides and clear objectives, including facilitating the movement of capital and labor and review items customs among Arabic especially the GCC countries in Egypt and activate the joint Arabic conventions.
Anticipating the arrival of direct foreign investments in Egypt of the four to five billion dollars in 2013-2014, adding that next year will tour Saudi Arabia, UAE and Kuwait with a view to attract new investment. Naguib sawiris Egyptian businessman his family owns Orascom company said he plans to invest a billion dollars in Egypt in the first quarter of 2014. Meanwhile, Mohammed Abu Zeid, Egyptian Minister of investment adviser that his country was preparing a law affirming and respecting the legal centers resulting from previous contracts entered into by the investors with the State, and that the Government is preparing a law affirms and respects the legal positions that resulted from the conclusion of contracts in the previous phase. The errors corrected and the guilty punished but the investor not his fault and he continues to work, and that the Government was studying the settlement in a legal dispute with investors 13.
Egypt seeks to settle disputes over land prices and other issues with foreign and local investors in an effort to avoid costly arbitration process and to restore confidence in the country's economy, and the Egyptian Government to settle problems with 19 investors from Saudi Arabia and the United Arab Emirates and Kuwait. Hisham predicted Ramez, Governor of the Central Bank of Egypt, more Gulf aid as well as the $ 12 billion pledged by countries in the region since July last year. Brahms was asked whether he expected more assistance individual positively, adding he did not know its size, adding that Egypt does not rely on aid, but also investment flows. Ramiz said that foreign reserves fell slightly in November due to significant commitments. Egypt country deposit received $ 500 million in December, after another $ 500 million received in early November. Ramiz said there is high liquidity in the banking system and is ready to finance investment, and that the volume of loans to deposits of 46 per cent to provide high liquidity for investment financing.
The very high liquidity in the banking system, either in local or foreign currency, that features a very strong Bank and no problems and don't need Government assistance as a banker. Egypt was intended to establish a Fund for financing real estate for housing, and that the objective of attracting domestic and foreign investors is not a goal but State Government goal does not want an investor remains a year and leave, but long-term investors. By Hesham zaazou Egyptian Tourism Minister has lifted a travel ban to the 25 resorts in Egypt and a number of tourists expected to increase to between 13 and 14 million tourists next year. He said the situation now is far better and will become the very best starting February next, the most important States lifted a ban but the United States did not lift the ban, while France has eased after a bit. The beginning of the recovery of the tourism sector in Egypt in January and by the end of 2014 will recover fully completed.
