Egypt investments reach $24.42bn

The volume of foreign investments in Sudan has recently witnessed a notable increase and they are currently estimated at dlrs 24.42 billion, announced Sudan's Minister of Investment at the Supreme Investment Council Mostafa Othman Ismail. In statements carried by the Sudanese News Agency on Saturday, Ismail said the new investment law has settled some of the shortcomings of the previous laws, especially the items related to the priority given to foreign investors, the organization of the investment process and treatment of all impediments facing the foreign investor. The new law aimed at eradicating bureacracy and simplifying the business measures through working via one window along with giving full exemption to all production and investment commodities, he added. The minister also said that all Sudanese states are currently reviewing the investment contracts and any project that has not been carried out within a specific timing will be cancelled. Othman pointed out that the volume of Qatari investments in Sudan reached dlrs 3.7bn, noting that Qatar ranks third after Saudi Arabia and the United Arab Emirates as regards the Arab investments set up in Sudan. He also highlighted that both Sudan and Qatar are qualified to fill the food gap the Arab countries are currently suffering as Qatar has strong financial potentials and Sudan enjoying vast resources. The minister also uncovered the current preparations for convening a higher committee meeting between the two countries.(MENA