Minister Meeting to Follow up Developments in Dubai

Minister of Investment, Dr. Mahmoud Mohieldin, held a meeting to review two detailed reports on the developments related to the announcement about Dubai World's debt late last week and its different impacts.

The meeting was attended by the Egyptian Financial Supervisory Authority (EFSA) chairman, Ziyad Baha Eddin, the General Authority for Investment (GAFI) chairman, Osama Saleh, the Egyptian Stock Exchange (EGX) chairman, Magid Shawqi and his deputy, Mohamed Omran.

Meanwhile, GAFI's Osama Saleh said the UAE investments in Egypt are complete and continuing naturally, and are not expected to be affected by the recent developments.

Magid Shawqi said the decline in the Egyptian Stock Exchange was expected in light of markets decline in London, Dubai and Abu Dhabi. The negative impacts from that matter are expected to be temporary.

Also reviewed were the direct effects on the Egyptian economy, which are expected to be limited, thanks to the procedures taken in the UAE and Emarati Central Bank's announcement of supporting banks that may be affected and providing the liquidity they need to continue working. In addition, the Egyptian economy and institutions are not directly venerable to the debt of Dubai World.

At the end of the meeting, Dr. Mohieldin said the Ministry of Investment, in cooperation with other ministries, would keep following up that issue within the framework of the economic relations between Egypt and the UAE, particularly in the fields of direct and indirect investments.