CAIRO, Aug. 27 (Xinhua) -- Egypt is discussing with Saudi firms to increase their investments in the North African country, including the 3-billion-U.S. dollar investment by Al Sharbatly Group, state news agency MENA reported on Sunday.
Egypt's Minister of Investment and International Cooperation Sahar Nasr met Sunday 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 are currently estimated at about 3 billion dollars.
The group intends to invest an additional 2 billion dollars 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.
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 dollars, 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.
