UAE’s Al-Futtaim Group to invest up to $1 billion in Egypt – cabinet statement


Dubai-based Al-Futtaim Group said it is considering investments in Egypt worth $700 million to $1 billion over the next three years, a statement from the Egyptian cabinet said on Thursday.

Gulf Arab states funnel up to $22bn to Egypt to help it weather a currency crisis, the third such bailout in a decade, as analysts watch for greater exchange rate flexibility to avoid future crises. (Reporting by Momen Saeed Atallah; Writing by Alaa Swilam; Editing by Jason Neely)

Reuters


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