Egypt to host major economic conference in March

CAIRO - Egypt's prime minister says his government will host a three-day international economic conference in the Red Sea resort of Sharm el-Sheikh starting March 13 to support the country's economy.

Ibrahim Mahlab said yesterday that Saudi Arabia and the United Arab Emirates are partners in organizing the gathering. The two Gulf countries are strong backers of Egypt, doling out billions of dollars to support President Abdel-Fattah el-Sissi's government.

Mahlab said the conference aims to attract international institutions and countries to invest in a "new Egypt." He said his government aims to amend investment-related laws before the conference. He said the aim is to raise Egypt's annual economic growth to 3.8 percent. It has hovered around 2 percent since the country's 2011 revolt.

Mahlab's government already partially lifted state fuel subsidies.