Iranian investors are have expressed interest in Egypt's industrial sector especially amid tensions between Cairo and Washington over the detention of foreigners working in NGOs in Egypt, Al Arabiya reported Wednesday.
Egyptian economists said the Iranian investors were interested primarily in Egypt's industrial sector, and not the real estate sector where Arab countries have focused their investments. Tehran sees Egypt as an opportunity to break its economic isolation after Western countries have slapped far-reaching sanctions on Iran over its nuclear program.Delegations from the two Middle Eastern countries have met recently to discuss improving ties between the two nations, which were largely cold since the Islamic Revolution. Still, Iran sees Egypt - the Arab world's largest market - as an opportunity, for investment.
Iran also sees Egypt as a prime tourist location, according to the report, and would like to see a greater flow of Iranian tourists to the North African nation.
The report came as tensions still simmer between Cairo and Washington, which has threatened to cut its aid package to Egypt over the continued detention of US nationals working in NGOs in Egypt. Read the full story here