Egyptian officials said a number of Egyptian companies have frozen investments and activities in Syria due to the deteriorating security conditions in most Syrian cities as battles continue between the Syrian regime's army and opposition forces.
The international community is meanwhile divided on how to deal with Syrian President Bashar al-Assad's regime after it allegedly used chemical weapons against civilians close to Damascus on 21 August.
A government official said Egyptian investments in Syria have been partially frozen since 2012, adding that in light of the continuing fighting there, it is unlikely investors will inject additional investments there.
The same official told Al-Masry Al-Youm that Egyptian investments in Syria totalled US$44 million at the end of 2010, according to the most recent statistics. The majority of investments are in tourism, contracting and electronics.
Syrian investments in Egypt are meanwhile on the increase in spinning, weaving and garment production, centred in industrial zones such as Obour, 10th Ramadan, 6 October City and Sadat City.
Tareq Yahia, a senior official with Elsewedy Cables, said the company will announce the status of its projects in Syria on Monday.
Mansour Amer, chairman of the Amer Group, said the company’s investments in Syria have not been affected so far, adding that the occupancy rate at its PortoTarotus Hotel is still at 100 percent. Construction works have not stopped either, he said, adding that they are only occasionally halted due to shortages in raw materials. 20 percent of the project has been completed, he said.
Gamal Bayoumy, head of the Arab Investors Union, said investment in Syria has been dealt a serious blow due to the continued fighting, and added that Syria now turns away some investors.
Syria will continue to pay a price for this bloody conflict for many years to come, especially since the ongoing war has destroyed its civilian and industrial infrastructure, he claimed.
