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Egypt plans to build new capital east of Cairo

– ‘Putting Egypt back on the map’ –

Sisi, who won elections after toppling Islamist president Mohamed Morsi in 2013, has been criticised for unleashing a crackdown on Morsi’s supporters.

The former army chief has portrayed his Islamist opposition as no different from radical militants such as the Islamic State group, which has affiliates in Sinai and Egypt’s neighbour Libya.

“Egypt presents a model for Arab civilisation,” Sisi said on Friday.

“A country that rejects violence and terrorism and extremism, a country that strengthens regional stability and peace.”

Restoring the economy and attracting foreign investment have been key tenets of Sisi’s presidency.

In one of the biggest deals expected at the conference, British Petroleum is to sign a $12 billion agreement – shared with its Russian partner DEA – to develop Egyptian gas fields.

Conference consultant Richard Attias told AFP that “more than 30 projects will be unveiled, which can attract billions of dollars of investment.”

GE unveiled plans to set up a $200 million training and manufacturing facility in the canal city of Suez.

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“For Egypt this is not an economic event, but rather a political one,” a Western diplomat told AFP.

Representatives from about 100 countries and international organisations are attending the event, giving the conference a firm diplomatic push in a bid to strengthen Sisi’s international status.

“The aim is to put Egypt back on the map of international investment, and send a message to the world that the country is safe and attractive,” International Cooperation Minister Naglaa al-Ahwani said.

“They particularly want to return Egypt to the headlines in a positive way,” said Aaron Reese, a researcher at the Washington-based Institute For The Study of War.

Sisi amended the law Thursday to make it more attractive for foreign investment, which has plummeted since the 2011 uprising that ousted longtime president Hosni Mubarak.

Egypt aims for 4.3 percent growth in 2015-2016, compared with two percent annually since the anti-Mubarak uprising, while also reducing the budget deficit and easing unemployment.

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