Egypt to double FDI this fiscal year

Egypt is aiming to increase the amount of foreign investment it attracts to double to $8 billion this fiscal year and is preparing a string of reforms to raise that further in coming years, its investment minister said on Monday.
Ashraf Salman was speaking in Dubai ahead of an international conference in the Egyptian resort town of Sharm el-Sheikh on March 13-15 that will seek to tempt investment back to the country after years of political and economic turmoil.

Gulf money is likely to feature heavily among those flows. Saudi Arabia, the United Arab Emirates and Kuwait have provided Egypt with $23 billion of aid in the 18 months since Islamist President Mohamed Mursi was ousted, Salman said.