Egypt has been under economic hardships for the past few years with struggles that include a 60% population below the poverty line, a high unemployment rate and years of economic stagnation. However, there is a silver lining that may change the future of Egypt and that involves the attraction of $60 billion in foreign investments over the next four years.
Despite the unforeseen risk from outside investors, the Egyptian president, Abdel Fattah El Sisi, believes that the financial help from other nations will be beneficial to all parties involved. Investors from all over were invited to attend the Egypt The Future conference, in the Red Sea Resort located in Sharm El Sheikh, where it was the chance for the country to deliver the assurance that risk is under control and investment opportunities are plentiful and worth it.
So far, Egypt has already received billions of dollars in aid from the UAE to help fund the country which have gone to good use thus far. Of the investors from the UAE, the Abu Dhabi-based conglomerate, Senaat, is expected to be the key player and highlight of current projects being promoted at the conference. Hussain al Nowais who is the chairman of Senaat stated that the support from the UAE to Egypt shows other country’s investors that the relationship between the two countries is a strategic and smart move.
Of some of the initiatives and agreements already in the works include a $200 million loan to be dispersed to Egypt from the UAE-based company Khalifa Fund for Enterprise Development. The new loan is targeted to reduce poverty, create job opportunities in upwards of 200,000 positions and help women in the country develop entrepreneurial skills. As economic investment opportunities continue to present themselves for Egypt, the entire country may be able to overcome past economic downfalls and emerge as a global player in the worldwide economy.