President Abdel-Fattah Al Sisi looks to lure international investment into North African country
President Abdel-Fattah Al Sisi says Egypt needs $200-$300 billion to develop, as the country looks to lure more investment from abroad in an attempt to stabilise its troubled economy.
Speaking at the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, Sisi told delegates that Egypt would need hundreds of billions of dollars in infrastructure and development investment to recover from the crises it has suffered.
“I know Egypt and its problems. Egypt needs at least $200-$300 billion so that there is real hope for the 90 million (population),” he said, according to Reuters.
Since the political turmoil and the toppling of autocrat Hosni Mubarak in 2011, the country’s economy, investment opportunities, tourism and foreign currency reserves have suffered drastically.
However, the country has recently struck several multi-billion dollar deals across its energy and real estate sectors. Gulf countries like UAE, Kuwait and Saudi Arabia have also pledged billions of dollars in investments and central bank deposits to help rebuild Egypt.
The latest investment comes from the UAE-based developer, Majid Al Futtaim, which plans to pump more than $590 million into Cairo’s retail and real estate sectors.
“It is important for us to work with experienced, committed partners and we believe that Majid Al Futtaim has a significant role to play in the development of our country’s retail landscape and economy in general,” Ashraf Salman, Egypt’s Minister of Investment said in a press release.