The Egypt Economic Development Conference, held in Sharm el-Sheikh in mid-March and attended by Arab and international leaders, has achieved overwhelming success and attracted initial investments estimated at $60 billion, according to the closing speech of Egyptian Prime Minister Ibrahim Mehleb. The largest deal, estimated at $45 billion, was signed during the conference between the Egyptian government and the United Arab Emirates’ Emaar Properties and aims at creating a new administrative capital.
The General Authority for Investment and Free Zones has set up an investment map for projects to be implemented across Egyptian provinces. The map presented at the conference shows the most potential opportunities expected to be implemented over the next 30 years. While the opportunities include 336 projects in the fields of tourism and entertainment, these projects — and especially the new administrative capital — raise several questions about their economic viability. The time frame for the completion of the new economic capital is five to seven years. As for the other projects, details have not been announced yet.