Rashid Mohammad Rashid, Egypt’s minister of trade and industry, said in Davos that foreign direct investment (FDI) in Egypt has reached $11 billion in 2007 and is forecast to grow in 2008. Most investments originated from Mediterranean countries such as Italy, Spain, France and Turkey although the largest segment of $6 billion originated from the Arab countries in the Gulf area. FDI covered industry, services, real estate, oil and gas.
The minister added that the rise in the price of commodities has forced the Egyptian government to provide higher subsidies to food and oil in the tune of $3 billion and $10 billion, respectively annually.
al-Ittihad, UAE, January 25, 2008