Saudi Arabia's Crown Prince Muqrin bin Abdul-Aziz, gestures during a news conference in Riyadh November 24, 2007 (Photo: Reuters)
High-level delegations from the Gulf have begun arriving in Sharm El-Sheikh for Egypt's Economic Development Conference, which is set to start on Friday.
Saudi Arabia's Crown Prince Muqrin bin Abdel-Aziz, Emirati Foreign Minister Abdullah Al-Nahyyan, Kuwait’s Emir Sabah Al-Jaber Al-Sabah and Bahrain’s King Hamad bin Issa Al-Khalifa are heading their respective country's delegation, according to official sources.
Egypt is hoping to lure back investors to bolster its economy battered by four years of political upheaval. The conference will showcase its latest fiscal and legal reforms, along with investment opportunities.
After the popular uprising that culminated in the ouster of Islamist president Mohamed Morsi, Saudi Arabia called on the international community to participate in a donors conference to assist Egypt. This call later developed into the investment event that will kick off Friday. Since July 2013, Saudi Arabia along with the UAE and Kuwait have showered Egypt with $23 billion in aid.
A total of 112 countries will be represented in the development conference in Sharm El-Sheikh, of which 30 heads of state are expected, Minister of Planning Ashraf Al-Araby said in a televised interview Tuesday, calling the representation a success in itself.
Some 2,000 delegates, including state officials and executives of multinational companies and economists, have registered to attend, Ministry of Investment spokesperson Mohamed Kamel said Wednesday.
Besides presenting its economic vision, the government's aims for the conference include presenting investment opportunities in a variety of sectors, and proposing specific projects, according to Minister of International Cooperation Naglaa Al-Ahwany.