IDSC: $ 346 million Gulf Investments in Egypt

Chairman of the Cabinet Information and Decision Support Centre (IDSC) Yasser Ali said that Egypt endeavors to boost mutual relations with the Gulf Cooperation Council (GCC) states at both the official and popular levels, along with activating cultural and trade exchange between the two sides.

Attending a workshop organized by the IDSC to discuss Egypt's foreign policy towards the GCC states, Aly said the number of the Egyptians working in the Gulf states hits well over three million, and that 82 per cent of the Egyptians' working contracts abroad in 2011 were in the Gulf states, of which 57.5 per cent in Saudi Arabia.

The value of the Gulf statements in Egypt in 2012 is estimated at some $ 346 million, representing some 91 per cent of the aggregate Arab investments in Egypt, Ali said. Each of the UAE, Saudi Arabia and Qatar top these countries in terms of direct foreign investment flows into Egypt.