Finance

What can $300 billion buy in Egypt? A new capital or a pipedream

CAIRO (Reuters) – It is a project as ambitious as Egypt’s ancient pyramids. Built from scratch to escape Cairo’s choking pollution, a planned new capital will feature an airport larger than London’s Heathrow, a building taller than Paris’s Eiffel Tower and more than 10,000 km (6,200 miles) of boulevards, avenues and streets.The city, meant to be built within just seven years, was unveiled last week at the Sharm El-Sheikh economic summit, where President Abdel Fattah…

Egypt’s Sawiris to diversify Orascom, invest $500 mln in Egypt

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SHARM EL SHEIKH, Egypt (Reuters) – Top Egyptian businessman Naguib Sawiris said he was ready to invest $500 million in Egypt and was diversifying his telecoms business into infrastructure, energy and transportation, sectors which need major funds in the country.Sawiris, a billionaire from a powerful Coptic Christian family, said the investment conference in the Red Sea resort of Sharm El-Sheikh had been a success but that the government would need need to make efforts to…

Gulf Arab allies pledge $12 billion to Egypt at summit

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SHARM EL-SHEIKH (Reuters) – Gulf Arab allies pledged a further $12 billion of investments and central bank deposits for Egypt at an international summit on Friday, a big boost to President Abdel Fattah al-Sisi as he tries to reform the economy after years of political upheaval.Kuwait, Saudi Arabia and the United Arab Emirates each offered $4 billion to Egypt, which is grappling with Islamist insurgents as it attempts to improve the investment climate four years…

Kerry urges firms to invest in Egypt, praises economic reforms

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SHARM EL-SHEIKH, Egypt (Reuters) – U.S. Secretary of State John Kerry on Friday urged business executives to invest in Egypt, praising the government of President Abdel Fattah el-Sisi for “bold” economic reforms aimed at restoring investor confidence.Addressing the U.S. Chamber of Commerce in Egypt on the sidelines of an investment conference in the Red Sea resort of Sharm El-Sheikh, Kerry said more private investment could help Egypt’s economy achieve annual growth rates in double digits.He…

Uganda to spend $365 mln to revamp main airport

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KAMPALA (Reuters) – Uganda will spend $365 million over the next six years to upgrade its sole international airport to accommodate growing passenger numbers, a senior official said on Friday.Uganda is at various stages of implementing several multi-billion dollar infrastructure projects, including two hydro power dams, a refinery, express highways and a railway line to expand its economy and prepare for oil production around 2018.Rama Makuza, the managing director of state-run Civil Aviation Authority (CAA),…

GE delivers turbines to Egypt as part of $1.9 bln dea

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SHARM EL-SHEIKH, Egypt (Reuters) – General Electric Co has delivered a shipment of gas turbines to Egypt as part of a $1.9 billion deal to boost power capacity, and will invest $200 million in a planned economic zone near the Suez Canal, the firm said on Friday.The announcements were made at a conference where Egypt hopes to secure billions of dollars in investment after years of political turmoil, focusing on energy and the Suez Canal…

Egypt eyes deals worth $15-$20 billion at investment summit

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SHARM EL-SHEIKH (Reuters) – Egypt expects to sign agreements worth up to $20 billion at a weekend investment summit in the Red Sea resort of Sharm el-Sheikh, its investment minister said on Friday.Egypt wants the conference to project an image of stability and deepen investor confidence after four years of political and economic turmoil triggered by a 2011 uprising that toppled veteran ruler Hosni Mubarak.Cairo hopes the summit will allow it to double foreign investment…

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