EGYPT’S ECONOMY INTERESTS BUSINESS INVESTORS
Egypt’s economy has been named to have the best performing market in its region and more companies are choosing to invest there.
This week, real estate company Amer Group has set up two new companies in Egypt that will focus on tourism and property development in the country.
The firms, called Porto Pyramids and Porto Fayoum, have a capital of 5 million Egyptian pounds and 10 million Egyptian pounds.
Businesses like Amer Group are recognising that Egypt is a great place to invest and many businesses are choosing to set up a base in the country.
Emerging markets economist at Emirates NBD, Mark McFarland, commented on Egypt’s new found confidence: “I’m very optimistic about Egypt. It has been one of the best performing markets in the area since the financial crisis, and that’s a function of the fact that the companies there are more diverse than in other markets in the Middle East.”
Standard Chartered Bank has forecast that Egypt will record a GDP growth of 1.4% in the financial year of 2010/2011. The bank revealed the month-on-month inflation started to average in May at 11.8%, a better result than 12.1% in April.
Whilst Egypt still has political challenges ahead and investors will be keeping a watchful eye on the parliamentary elections in September, many businesses believe Egypt is a great place to invest as more positive news stories are hitting our television screens and newspaper pages.
The fast recovery Egypt has encountered has impressed investors, especially in the tourism and property industry. The international community sees Egypt as a strategic partner and has shown commitment to help the country become more stable and to have a better economy in the future.
Source: Reuters, ameinfo.com