Business

Egyptian Investment Projects Tops Third Quarter

Egyptian investment projects are now ranked first amongst foreign investments in our country during the third quarter of the current year.

The report, issued by the General Investment Authority (GIA), mentioned that the investment cost of the foreign projects has amounted to 39.274 billion riyals, which is 42% of the total investment capital for the third quarter.

The report said that the value of the Egyptian investment projects reached almost 22 billion riyals and the most important project is a power-generating project, while Kuwaiti investments ranked second with a capital of 16.52 billion riyals represented in a residential city and other investments.

The Saudi investments ranked third with 560 million riyals for the project of the Geological and Environment Studies and Soil Research, followed by the French, Tanzanian, Syrian, UAE, Malaysian, Jordanian and US investments taking the rest of places in the list of the foreign investments in our country for the third quarter of the current year.

The GIA has had granted permission during July-September of the current year 2010 to a number of projects with a total cost of 93.5 billion riyals.

According to the GIA report, the investment projects witnessed a boom in relation to the second quarter, the investment during which is estimated at 74 billion riyals. These projects were distributed amongst 12 governorates, across various economic, service and production sectors.

The projects in the second quarter provided around 1,944 job opportunities. From between the governorates Hodeida ranked first with invested capital of almost 61 billion, riyals – 65% of the investment capital. Among the most important projects is a power station, a residential city and a factory for mixing car and engine lubricant oils and these projects provided almost 458 work opportunities.

Following in order is Aden governorate with an investment capital of 22.9 billion riyals and the most important projects are in the areas of electric power and land transportation, providing 314 work opportunities.

The Capital Secretariat came third with an invested capital of around 3.33 billion riyals, – only 3% of the net investment – in tourist suites, a center for geological surveys, a center for hydraulic and heavy equipment maintenance and a sponge factory, providing 644 work opportunities.

Sana›a, Hadramout, Lahj, Taiz, Ibb, Al-Mahweet, Dhale›, Shabwah and Hajjah shared the rest of places in relation to invested capitals.

The report mentioned that that the industrial sector ranked first with an invested capital of 61.455 billion riyals of the total invested capital, 65.74% of the total, which in turn generated over 1,000 job opportunities.

The services sector ranked second with 26.3 billion riyals, 28.12% of the total invested capital, which provided 489 work opportunities, followed by the tourist sector with an invested capital of 5.29 billion riyals, 5.66%, providing 337 work opportunities. The agricultural sector ranked last with 446.2 million riyals, only 0.48% of the total invested capital, although it created almost 100 work opportunities.