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Summit’s first day cost EGP 100m, revenues approximately $16m: GAFI Chairman - Daily News Egypt

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Summit’s first day cost EGP 100m, revenues approximately $16m: GAFI Chairman

52 countries participating in Economic Summit in Sharm El-Sheikh, UAE and US largest participating delegations


EEDCThe Economic Summit cost EGP100m on its first day, and an increase is expected on Saturday and Sunday, according to Hassan Fahmy, General Authority for Investments (GAFI) chairman.  The revenues till now reached $16m.

According to a statement issued by the Economic Summit’s media centre, a total of 52 countries participated in the Summit.

The Economic Summit cost EGP100m on its first day, and an increase is expected on Saturday and Sunday, according to Hassan Fahmy, General Authority for Investments (GAFI) chairman. (Photo by Ahmed Al-Malky\DNE)
The Economic Summit cost EGP100m on its first day, and an increase is expected on Saturday and Sunday, according to Hassan Fahmy, General Authority for Investments (GAFI) chairman.
(Photo by Ahmed Al-Malky\DNE)

Egypt’s was the largest delegation, including 414 businessmen and 41% companies out of the total share.

Following Egypt, the UAE sent 141 businessmen and official delegations, or 14% of the total number. Saudi Arabia sent the biggest third number with 57 attending delegates or 6% of the total number, followed by Kuwait with 42 participants or 4% of the total number.

The US provided the largest delegation from outside the Middle East, with 44 participants and 4% of the total number of participants; followed by China with 45 delegations and 4% of the total number; Italy sent 33 participants with 3%; the UK with 20 participants or 2% of the total.

Fahmy said the Summit will support foreign investments to move forward through the next fiscal year (FY) 2015/2016. He expects investments for the current FY 2014/2015 to exceed $8bn, compared to 4bn through the next FY 2015/2016.

He added that GAFI has 336 investment opportunities in different areas in Egypt.

Direct foreign investments during the first quarter of the current FY 2014/2015 amounted to $1.8bn, according to Fahmy, expecting them to exceed $2.2bn during the next quarter.

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