SUNDAY, MARCH 8, 2015 KHALEEJ TIMES 28 NATION $20b Egypt projects up for grabs > DUBAI UAE, Burkina Foreign investors to learn more of investment opportunities at EEDC event Faso ink open investment in Egypt is infrastruc- skies deal Abdul Basit FDI INTO EGYPT: ture, he said, adding: “Whether it’s conventional power or renew- The UAE, represented by We believe ables it is another sector which is the General Civil Aviation dubai — The Egyptian government on the radar screen of a lot of in- Authority, or GCAA, has is more focused on attracting for- [Egypt] vestors as well as the radar screen signed an open skies eign direct investment rather than is good for $4b of the government sector itself to- agreement with the gov- aid and the forthcoming Egypt investment as it day.” ernment of Burkina Faso. Economic Development Confer- attracted in 2014 Half the projects Egypt will pro- The agreement was ence, or EEDC, this month is ex- has all the right pose at the March summit will be in signed by Sultan bin pected to help boost FDI into the the energy sector, according to the Saeed Al Mansouri, UAE country. demographics government. Egypt clinched 15 Minister of Economy and This was shared by EFG Hermes new exploration deals in January chairman of the GCAA; chief executive officer Karim Awad Karim Awad, and close major tenders to import EFG Hermes CEO and Daouda Traore, during an exclusive interview with $8b liquefied natural gas from Algeria Minister of Infrastruc- Khaleej Times on the sidelines of to Russia. tures and Transports the recent 11th annual EFG After energy, the government is of Burkina Faso. It was Hermes meeting in Dubai. expected in 2015 looking to attract investment in a also attended by Saif Last year, the country received number of other key sectors includ- Mohammed Al Suwaidi, $4 billion in FDI and this year it is ing manufacturing, real estate, pet- GCAA director-general, expected to attract $8 billion, ac- make sure that the country is at- the coming conference. The gov- government as much as possible in rochemicals, and tourism. Awad and Mansa Ountana, cording to Egypt’s Investment Min- tractive enough for investment ernment has a number of ambi- the upcoming economic summit said that tourism is also an impor- Ambassador of Burkina ister Ashraf Salman. The has ob- from infrastructure perspective,” tious projects that it intends to that will be open to all types of in- tant sector where Egypt has been Faso to Saudi Arabia. tained $23 billion in aid from the Awad explained. show during the course of the con- vestors including UAE investors.” blessed with so many good things Al Mansouri stressed UAE, Saudi Arabia and Kuwait in EFG Hermes, Egypt’s biggest ference,” Awad said. “We are very bullish on Egypt. on that front. the importance of the, the 18 months since president Mo- listed investment bank, is helping Egypt will present 30 different We believe the country is good for Egypt is working on a new invest- which will contribute hamed Morse was ousted, accord- the government of Egypt for at- investment projects worth a total of investment as it has all the right de- ment law and Awad said the law to boosting trade and ing to the minister. tracting key investors to the coun- $20 billion at the Economic Sum- mographics such as skilled labour, should give investors a lot of com- investment, in particular Awad said: “I think the govern- try in the EEDC, which will take mit. Widely viewed as a make-or- well educated professionals and all fort regarding their investments in between the GCC and ment is more focused today on place in the resort town of Sharm break conference on Egypt’s jour- the factors that should be attractive Egypt. West African nations. bringing foreign investment to El-Sheikh on March 13–15. ney back to rapid economic growth, to investors,” he said. Awad said that several IPOs are Egypt because the investment will More than 1,000 of a total of the EEDC is a chance to prove to Responding a question about key in the pipeline in Egypt this year create sustainable employment.” 6,000 potential investors invited to the region and the world that Egypt sectors for foreign investors, he re- but said GCC will see this activity > BERLIN Egypt’s growth stood at around attend the conference have already is on the right path. plied: “I think there are a couple of in the second half of the year. 3.2 per cent during 2013-14, while signed up for the event and the fig- “Given our role as the largest in- important sectors that are impor- “We are currently working on Ajman tourism unemployment currently stands at ure is expected to rise to around vestment bank in the region and tant from our perspective. One is one and hopefully another will 13 per cent and inflation is hover- 2,000 as the start of the confer- our reach in a number of important the consumer sector, so anything come to the market very soon. We revenues near ing around the 10 per cent mark. ence nears. The economic summit Arab countries that are looking to related with demographics of Egypt believe that there are a number of Dh300m in ’14 “Today the government is quite is more likely to see heavy involve- investment into the country we is something highly interesting to a other opportunities that will be well focused on providing the proper ment from Gulf investors. were asked to help and we are hap- number of investors across the received by investors during 2015 The Ajman Tourism De- infrastructure whether in terms of “We are proving assistance in py to do it,” he explained. world.” for sure.” velopment Department power, road, water or other areas to terms of packaging the project for “Our main focus is to help the The other sector that is right for — [email protected] announced results of the Ajman tourism sector’s statistics for 2014 on the sidelines of ITB Berlin 2015. “Ajman tourism ABC marks 30th anniversary revenues reached nearly Etihad Rail achieves milestone Dh300 million in 2014, bourne & Parke acknowledged, compared to Dh220 Staff Report the visionary leadership of His million in 2013,” said Highness Shaikh Mohammed Haseeb Haider Dalal Al Marzouqi, ATDD bin Rashid Al Maktoum, Vice- research and develop- dubai — The American Business President and Prime Minister of ment executive, noting Council (ABC) of Dubai and the the UAE and Ruler of Dubai, by abu dhabi — Etihad Rail, which is that average room rates Northern Emirates marked 30 presenting him, on behalf of the building the UAE’s railway net- in Ajman was Dh275 for successful years of operating in American Business Council mem- work, has handed over the Opera- one night. Dubai by hosting Shaikh Ahmed bership, an exclusive Tiffany & Co tion Control Centre, or OCC, in The number of hotel bin Saeed Al Maktoum, Presi- timepiece, representing the rela- Mirfa to Etihad Rail DB. and hotel apartments’ dent of the Dubai Civil Aviation tionship between the US and the Etihad Rail DB, the joint venture guests in 2014 increased Authority, Chairman of Emirates UAE over the past 30 years. company formed between Etihad to 850,000, compared airline and Chief Executive of the Jurdi said: “This milestone em- Rail and the German DB Schenker, to about 600,000 in Emirates Group, at a gala celebra- bodies the strength of enduring will manage the operation and the previous year, she tion recently. relationship between the US and maintenance of the first stage of added. Average hotel oc- The gala welcomed a distin- the UAE and represents the past the UAE’s national railway network cupancy rates reached guished audience of nearly 400 30 years of doing business, cre- on-site from the OCC located in 65 per cent in the year. Emirati and American business ating opportunities, and partner- the Western Region of Abu Dhabi. leaders and government officials. ing with Dubai and the UAE. The Being built in three stages, the Ramsey Jurdi, president of the UAE is the US’ top trading partner railway network will link key cities > ABU DHABI American Business Council and in the Middle East and Africa.” and industrial towns of the country international partner at Chad- — [email protected] and will form a vital part of the Etihad Rail DB, the joint venture company formed between Etihad UAE-Germany planned GCC railway network Rail and the German DB Schenker, will manage the operation across the six GCC nations. and maintenance of the first stage of the UAE’s national railway body to meet Construction of stage one of the network on-site from the OCC located in the Western Region of tomorrow railway network, which will trans- Abu Dhabi. — Supplied photo port more than seven million tons The UAE-German Joint Pakistan set for major shift of granulated sulphur annually for Economic Committee Abu Dhabi National Oil Company, Abu Dhabi-Dubai highway near had Rail DB, thanked Etihad Rail will hold its 10th meet- > FROM PAGE 27 of Pakistan and it has agreed to or Adnoc, has been completed and Taweelah and Jebel Ali port, and for handing over the world-class ing tomorrow in Abu invest in some special projects in trains are currently running be- will see the railway extend to the assets. Dhabi, in the presence Iran and Pakistan launched the the country. First and foremost tween Habshan and Ruwais in the Saudi and Omani borders. He said Etihad Rail DB’s team of of Sultan bin Saeed Al construction of a multi-billion nat- important project is the economic Western Region of Abu Dhabi on a Preliminary engineering on the specialists will utilise international Mansouri, UAE Minister ural gas pipeline project in March corridor that will link Kashgar in trial basis.