Is Egypt next locale for GCC investment? Prospects developing ahead of Cairo conference
Egypt's interim president Adly Mansour previously met with Bahrain's King Hamad to discuss investment ties. Egypt hopes to extend investment ties with other GCC nations as well in the upcoming months (Courtesy of Bahrain News Agency)
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Against a backdrop of rising investor confidence, a group of leading international investors will attend a major investment forum in Cairo on Dec. 4-5.
The organizers will also welcome distinguished delegates from Egypt, the GCC and the wider global economy. Together they will provide a platform to establish clear solutions for how to progress amid the challenges of the current economic environment.
The forum is the next step toward further strengthening economic relations between Egypt and the GCC countries.
The two-day forum will open with remarks from Sultan Ahmed Al-Jaber, minister of state of the UAE and Osama Saleh, minister of investment of Egypt. In addition, keynote addresses will be given by Egypt’s Prime Minister Hazem El-Beblawi and Deputy Prime Minister Ziad Baha El-Din.
Last week, Standard & Poor’s Ratings (S&P) raised its long- and short-term foreign and local currency sovereign credit ratings of Egypt to B-/B from CCC+/C with a stable outlook. S&P stated that it expects support from bilateral lenders to continue over the medium and therefore the upgrade demonstrates S&P’s view that Egyptian authorities have secured sufficient foreign currency funding to manage Egypt’s short-term fiscal and external financing needs.
Coming at the same time, news reports say both the curfew and the state of emergency have ended in Egypt. Both these actions point to a return to stability and a rise in investor confidence in the Arab world’s most populous nation.
This positive news comes as the preparations for the Egypt/GCC Investment Forum 2013 gathers pace. This forum, co-hosted by the Egyptian ministry of investment and supported by the government of the UAE and the GCC will bring together key Egyptian and GCC investors, financiers and policy-makers to debate and discuss the significant investment opportunities present in Egypt’s economic restructuring.
This forum, to be held in Cairo, will focus on fostering ongoing strategic partnerships between Egypt and the GCC as both parties look toward a future of continued co-operation and increasing economic stability in the region. Through a series of targeted workshops, the forum will look closely at the main industry sectors. Topics will include renewable energy, housing and real estate, agriculture and food, hydrocarbons, IT and telecommunications, transportation, infrastructure, and tourism.
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