Egypt may see FDI inflows exceeding the USD 10 bn target for this year,

Egypt may see FDI inflows exceeding its USD 10 bn target for this year, Investment Minister Sahar Nasr told Bloomberg. Nasr says she was approached by investors from Saudi Arabia, Singapore, China, and the UAE, all of whom are reportedly interested in opportunities here. “Egypt sure has an edge,” Nasr says, as after the EGP devaluation, “the cost of labor — blue or white collar — is lower than elsewhere.” The drive to attract investment will be helped with new investment act, which Nasr says, cuts red tape and is a “significant signal from the highest political level that, yes, Egypt is open for business.” Nasr also says she does not believe that the high-interest rate environment is hampering business.