(MENAFN - Emirates News Agency (WAM)) Egyptian Investment Minister Usama Saleh, today refuted the claims that the UAE has withdrawn its investments from Egypt in the wake of Jan. 25, Revolution.
"The UAE has not withdrawn its investments from Egypt, but instead many UAE Companies have announced the increment of their investments in Egypt," the Egyptian minister said in a statement on Monday.
He reiterated that the UAE is one of the major Arab investors in Egypt, which is seeking to pump more investments into Egypt, citing that Emaar Properties PJSC, has recently announced to shed new investments of up to 12. 8 billion Egyptian pounds.
Answering a question on the reports that Saudi Arabia and the UAE have withdrawn their investments from Egypt, following the Jan. 25 Revolution, the Egyptian minister said, " These are allegations because the UAE and Saudi Arabia are currently seeking to pump more investments into Egypt. Emirati and Saudi investors are interested to invest in the Egyptian market, and are at the top of the list of Arab investors. Some of them have already expanded their projects".
He added, "We will soon start the Arab region tour to work out plans to increase the investments, and attract more capitals."