Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Dubai retailer Majid Al-Futtaim, which holds the Carrefour franchise in the Middle East, plans to invest about $2.3 billion in Egypt in the next few years, its chief executive said Wednesday, a sign of Gulf investors' growing interest in the Egyptian economy.New foreign investment in Egypt almost dried up after the revolution which overthrew Hosni Mubarak in 2011 – though Malas said Carrefour had continued to open new stores over the past three years.While Majid Al-Futtaim is a private group, much of the Gulf's investment in Egypt this year looks likely to come from state-linked investors.Before Egypt's 2011 revolution, it was attracting net foreign direct investment of around $8 billion annually, so even with aid from the Gulf, the economy is not yet back to normal.
FOLLOW THIS ARTICLE