Abu Dhabi: The new investment deals signed by different companies is a golden moment for Egyptian economy and the government should capitalise on it to take the country forward, a UAE based analyst said of the new deals signed by the Egyptian government.
“It is a great vote of confidence in the current regime and push towards a positive direction for the long term prospects of the country. It is a golden opportunity for the country,” said Mohammed Ali Yasin, managing director of NBAD Securities speaking to Gulf News.
“After the 2011 revolution, there was low confidence among the investors who either pulled out of the country or stalled their projects. The confidence will be back with the new measures and investments.”
He said the next six months would be crucial for Egypt and will lay the foundation for future course of action.
“The government should build on the positive momentum generated by the conference. A lot of work needs to be done.”
“The Egyptian government should work towards removing some obstacles stalling the development process including reforms in labour laws and repatriation of investment and exchange of liquidity.”
The decision of the UAE government to support Egypt is a strategic one, he said.
“It is an investment in the future. The UAE is investing for the stability of the Arab world.”
A number of UAE companies signed multi million dollar worth of deals with the Egyptian government for investment in energy, retail and leisure sectors apart from an offer of $4 billion from the government to support the Egyptian economy.
