Written by: Ramy Samih

Egypt seeks to increase direct foreign investments to reach $8 billion to $10 billion annually, said Yasser AL Najar, First Assistant to the Minister of Investment.

Egypt's total direct foreign investments have recorded $1.8 billion for the first quarter of the fiscal year 2014/2015 against EGP4.2 billion for the previous fiscal year 2013/2014, added AL Najar on the side line of preliminary session at Cityscape Egypt Business Breakfast that is held today February 10, 2015.

Lately, the Investment Minister Ashraf Salman stated that the Egyptian Government targets direct foreign investments at total amount of $10 billion by the end of 2014/2015.

AL Najar mentioned that disputes between the New Urban Communities Authority (NUCA) and real estate developers have been settled, with developers being offered a new incentive bundle to facilitate investment in the market.

He also pointed out that NUCA is also working on legislative amendments aiming at regaining the trust of investors.

Earlier, the Real estate event organizer Cityscape Egypt announced it will hold its annual Business Breakfast on 11 February with Minister of Housing Ibrahim Mahlab to explore potential investment opportunities in the real estate sector.

Translated by: Shaimaa ELSarky