Egypt signed investment deals worth $33 bn at conference

[DJKeefy]

Egypt signed final investment deals worth $33 bn at conference: Salman.

Egypt has signed deals worth a total of $38.2 billion, besides the $12.5 billion pledged by Gulf leaders, during the economic conference, Egyptian Minister of Investment Ashraf Salman said at a presser on Sunday.

The sum includes investment deals worth $33 billion and European aid and grants amounting to $5.2 billion, said Salman.

Announced investments were concentrated in the oil and gas sector and power generation sectors. The largest deal was signed with British Petroleum, which committed $12 billion to develop gas resources and condensates to develop gas resources and condensates in the West Nile Delta over four years.

German conglomerate Siemens International signed binding agreements worth $4.6 billion for a 4.4 gigawatt power plant in southern Egypt, a project to generate 2 gigawatts of wind power, and a new wind rotor blade factory, CEO Joe Kaeser told AP.

Egypt has introduced feed-in tariffs for renewable energy projects and passed another law liberalising the production and transmission of electricity in past months to encourage private investment in addressing its energy crunch.

Egypt has also signed Memorandums of Understanding (MOUs) for potential deals worth $92 billion at the conference, according to Salman.

Source: http://english.ahram.org.eg/News/125291.aspx

[A-Four]

Interesting.

So they signed up deals for $50 Billion, that's about $10 Billion less than they expected, and included in this figure is the $15 Billion deal with B.P and British Gas, which I brought to your attention last week.

What I find more interesting is plans for a 'new' Cairo to the east of the present city, a some what larger version of the present day Tebba to the east of Luxor, one might say. From what I see, this huge new city with its massive obelisk land mark building will be a bargain at $45 Billion, and strange though it might seem, built by a Doha consortium, what a great humanitarian achievement from such people, and to think, it was only this time last year that a similar Doha consortium went on a week end world shopping trip and bought $45 Billion worth of weaponry, mostly from Britain.

Ah we'll, I suppose that's how the world works, build em-up, then blow em-up.

P.S. - Don't yer just love these wonderful people, almost make the likes of Myra Hindley sound almost human.