General Electric Ups Investments in Egypt

The American industrial conglomerate General Electric (GE) is planning to increase its investments in Egypt, focussing more on development projects.

A delegation from the company met President Abdel-Fattah Al-Sisi last week to discuss new investment opportunities. A senior official in the company told the local media that Minister of International Cooperation Sahar Nasr has requested that 25 per cent of production in the company's projects be domestically sourced to encourage local production.

The company is allocating $ 1.4 billion towards technical training and equipment and is participating in the upgrading of 27 hospitals.

This includes linking six hospitals in remote areas to radiology centres in Cairo. It will also provide hospitals with medical devices.

The company has investments in the field of oil exploration, and electricity production and distribution. GE has participated in developing the combined-cycle power plants in Assiut and west of Damietta, helping to increase the plants' power generation from 1.5 GW to 2.25 GW. GE generates more than 30 percent of Egypt's installed power capacity.

During the Egyptian Economic Development Conference (EEDC) in Sharm Al Sheikh, the company said it was investing $200 million in a manufacturing and training facility in Suez City, which GE expects to become part of the economic hub to be built near the Suez Canal.

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