21 January 2014

Egypt: Agreement for Pumping New Investments of U.S.$2.2 Billion

Investment Minister Osama Saleh asserted on Monday 20/1/2014 that there is no problem with the Emirati investors in Egypt, adding that the current problems lie in some financial arrears related to a number of companies in the oil sector due to the circumstances that Egypt currently witnesses.

In a press conference held in the Egyptian Embassy in Abu Dhabi, Saleh said that the UAE investments operate in 338 companies, referring to other investments in the form of loans that are currently being paid off, not to mention grants and financial aid.

It is decided that Saleh would meet with the al-Futtaim Group representatives for the inking of an agreement to the tune of $2.2 billion that would be pumped within the coming five years' time for developing and establishing 4 malls affiliated to al-Futtaim.

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