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Wednesday, 27 April 2016

GE to invest USD 340 mn in Egypt in 2016, regional CEO says

General Electric (GE) is planning on injecting USD 340 mn in investments in Egypt this year, USD 200 mn of which “will be directed to establish a multi-modal manufacturing and training facility in Suez.” GE’s North East Africa CEO Ayman Khattab said the company is looking to expand business in the fields of oil exploration and electricity production, distribution, and delivery as well as health and transport. Khattab added that GE is not currently restricted by the USD shortage in Egypt as it makes its own products abroad and has “the ability to obtain grace periods for repayment,” but may face delays in repatriating profits. (Read)

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