Sharm El-Sheikh – Mubasher: Egyptian business tycoon Naguib Sawiris said on Friday that a total of $500 million worth of investments will be launched over the few coming period.

These investments will include a solar power plant worth $120 million, in addition to a new production line in a sugar plant at a value of $100 million, Sawiris told reporters on the sidelines of Egypt’s economic summit that kicked off Friday in the Red Sea resort of Sharm El-Sheikh.

Egypt Economic Development Conference (EEDC) was inaugurated Friday at the presence of world leaders as well as local and global investors.

The conference stands for the real starting point for an economic breakthrough, Sawiris said, adding that the continued support from GCC states will give strong momentum to Egypt’s economy.