May 18th, 2008
Summary
▪Achievements Egypt managed to grow at 7.1% in FY07 versus 6.9% in FY06 and 8.1% in 2Q07/08 against 6.6% in 2Q06/07. This gave Egypt several reasons to rejoice as it managed to draw foreign investors' attention and managed to place itself on the map of world investments. Foreign direct investments (FDI) almost doubled reaching USD11.0 billion in FY07 in comparison to USD6.1 billion in FY06 and it expected to reach USD15.0 billion in FY08 on the back of vast interest coming from the west and the Arab world, coupled with the expected sale of a 51%-67% stake in Banuqe du Caire scheduled to take place by the end of fiscal year 2008.