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The growth of foreign flows in Egypt paves the way for an economic boom
09/1/2018 12:00 am [rtl]Cairo / Follow-up Investors are increasingly optimistic about Egypt's economic prospects after years of political turmoil fueled by economic reforms, a giant gas field, simpler business rules and a currency depreciation. Foreign holdings of Treasuries hit a record high in December. Foreign exchange market inflows last year were the highest since 2010 and direct investment by foreign firms and investment funds began to pick up again. Among the important aspects of long-term foreign investors are the natural gas fields that have started operating in the past few months, including the Bahr El-Bahr field, which has a reserves of 30 trillion cubic feet, making it the largest gas field in the Mediterranean. "It will change the rules of the game for Egypt," said Iyad Malas, a partner at Gateway Partners, a fund that invests in Asia, the Middle East and Africa, looking for opportunities in Egypt. It is expected that the gas discoveries from Egypt will ultimately make a gas source and support its plans to become a regional center for energy trade. Besides the gas, direct investment companies say the reforms launched since the end of 2016 and secured for Egypt a $ 12 billion loan program from the International Monetary Fund have contributed to improving morale enough to stimulate investment despite risks. "Our view of Egypt is very positive in the region," said Karim El Solh, co-founder and chief executive officer of Gulf Capital in Abu Dhabi, which has invested about $ 200 million in Egypt. "Egypt is expected to achieve an excellent economic performance in 2018, especially after these very strong and necessary structural reforms "He said. Foreigners have invested heavily in high-liquidity instruments such as treasury bills, since Egypt devalued its currency and raised interest rates.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=150666[/rtl] |
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