Revenues from privatization surged to LE 12.5 billion over the five months from July to November 2006, compared to LE 15 billion over the past fiscal year 2005-2006, which ended in June 2006, said Egyptian Prime Minister Ahmad Nazif on Sunday.
During the two-day Cairo Investment Forum, held under the auspices of President Hosni Mubarak, the PM said revenues from privatization would be used to upgrade infrastructure for sanitation, drinking water and power supplies.
He pointed out that the government would present parliament with a number of new bills to facilitate investment inflows, such as the Unified Construction Bill, the Real Estate Tax Bill and a bill on the settlement of business disputes.
Meanwhile, Egyptian Minister of Investment Mahmoud Mohieldin launched the Arab Investor Identity Card designed to encourage the inflow of Arab investments to Egypt.
The Al Kharafi Group of Kuwait also announced it would increase its investments in Egypt in the near future, particularly after the tax and tariff incentives introduced by Nazif’s government. The Egyptian investments of the group, which said it would invest in the Egyptian nuclear sector, have risen to $4 billion.
Naguib Sawiris, chairman of Orascom Holding, said the group would launch a plan of expansion next year that would include a $150 million sugar plants in Aameriya, near Alexandria.
The Cairo Investment Forum, held on December 10-11, comes at a time when the Egyptian market is drawing great interest among Arab and foreign investors looking for opportunities in various business sectors.