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Saudi Investors to Pump $2 Bn into Egypt
Source: 8/28/2017

Minister of Investment and International Cooperation Sahar Nasr met with Saudi investors Sheikh Abdel Rahman al Sharbatly and Sheikh Fahd Al Shobokshy to discuss means to increase their investments in Egypt.

Implemented in cooperation with Al Shobokshy, Al Sharbatly Group's investment in Egypt is currently estimated at about $3 billion.

The group intends to invest an additional $2 billion to expand two projects by its "Golden Coast" Company (GOCO) in Sharm El Sheikh and Hurghada, as well as open the second production line of the South Valley Cement Company, and set up new real estate projects.

For her part, Nasr said that Egypt welcomes all investors who seek to expand their business in the country.

The government has taken a series of measures to facilitate the process in light of a decision made by the Egyptian-Saudi Business Council to raise the ceiling of investments to $51 billion, she added.

During the meeting, Nasr said that the new investment law offers incentives for businessmen to set up projects in most-in-need areas, noting that a new investment map is being drawn to pinpoint more than 600 investment opportunities across Egypt.

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