US Apache plans $1.5B Egypt investments in 2012
American oil and gas company Apache Corp plans to increase investments in its Egypt operations by $1.5 billion starting in 2012, Egypt's General Authority for Free-zones and Investments (GAFI) said on Saturday.
October 30, 2011 2:57 by Reuters
This is one of the biggest expansion operations for foreign investments in Egypt since a popular uprising that ousted President Hosni Mubarak in January and left the economy floundering, deterring investments amid political instability.
Apache has operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina.
Coca-Cola Co has also said, according to a GAFI statement, that it plans to double its investments in Egypt by $200 million in 2012.
The company said it will expand its factories in Egypt to become a major regional production centre.
Foreign direct investment dropped from $6.2 bln in the 2009/2010 financial year ending in June to $2.1 bln in 2010/2011. (By Tamim Elyan)
More on GCC
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
-
Qatar Airways now looks to Airbus
-
World’s Longest-Range Passenger Jet
-
Abu Dhabi says financial zone will bridge a gap
-
Five dead from new SARS-like virus in Saudi
