US Apache Corp to raise investments in Egypt by USD1.5b
31 Oct 2011
(MENAFN) Egypt’s General Authority for Free-zones and Investments (GAFI) said that starting next year, US Apache Corp. would raise its investments in the country by USD1.5 billion, reported Arab News.
GAFI added that the oil and gas firm had also operations in the UK’s North Sea, Australia, the US, Canada and Argentina.
On the other hand, the authority also said that due to the political unrest that swept the country early this year, foreign direct investment in Egypt fell from USD6.2 billion in the 2009/2010 financial year ending in June to USD2.1 billion in 2010/2011 fiscal year.
It is worth noting that Coca-Cola Co. also plans to increase its investments in Egypt next year by USD200 million, through expanding its factories in the country to become a major regional production hub.