Egypt: El-Sisi stance on FDI cheers mine

The outlook for operating in Egypt was improving as President Abdel-Fattah El-Sisi promoted foreign investor-friendly policies, Centamin, the gold producer that runs a mine in the country, said yesterday. Andy Davidson, an executive at Centamin, said: “The new government certainly understands the need to attract foreign direct investment (FDI).” Centamin shares fell 50 percent in 2011 and 2012 as the Arab Spring led to revolution in Egypt, home to its Sukari gold mine. “We’ve seen a progressive improvement in the general operating environment in Egypt,” Davidson said. “Bear in mind that over the last three years we’ve been through two revolutions and four changes in government.” Second-quarter profit fell 70 percent year on year to $11.3 million (R120m), Centamin said. – Bloomberg