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Wednesday, 23 January 2019

Apple eyeing investments in Egypt

INVESTMENT WATCH- Is Apple mulling an investment in Egypt? Apple Inc is interested in learning more about investment opportunities in Egypt, CEO Tim Cook told Prime MinisterMoustafa Madbouly on Tuesday on the sidelines of the World Economic Forum in Davos, according to an Investment Ministry statement. Cook said the company is open to cooperating with Egypt in educational technology and is open to holding further meetings. Madbouly also invited Cook to visit Cairo and kick the tires on potential investments in the new administrative capital. No details were provided on the nature, timing or value of any potential investment. Attending the meeting were Investment Minister Sahar Nasr, Trade Minister Amr Nassar and Finance Minister Mohamed Maait.

No word on ECA’s warning: The statement did not make clear whether the two sides addressed a warning late last year to Apple by the Egyptian Competition Authority. The ECA alleged that the world’s most valuable device maker may be in violation of antitrust regulations by restricting parallel imports by Apple authorized resellers.

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