According to Nasser Bayan, head of the Egyptian Libyan Businessmen and Investors Association, the Libyan tourism industry representatives agreed with their Egyptian counterparts to develop projects on the Mediterranean coast and in Sharm el-Sheikh on the Red Sea. He added that companies would be set up in the near future to carry out the projects.

The Egyptian market continues to attract Libyan investors thanks to the country’s stable macroeconomic performance. In early 2007, the Libyan Foreign Investment Company announced that it would invest $1bn in Egypt, focusing mainly on the hotel, real estate and agribusiness sectors (MEED 26:1:07).