Wilson cited Sainsbury's, the British supermarket chain, as one success story regarding British investments in Egypt. Sainsbury's is a good example of British investment in Egypt. Last year, Sainsbury's bought a 20 per cent stake in the Egyptian company Edge, which owns 93 supermarkets in Cairo. A few months ago, Sainsbury's raised its stake in Edge to 80 per cent. Sainsbury's also recently signed a contract with the Ministry of Supply and Internal Trade for the management of 51 cooperatives.
British companies are also active in the Egyptian stock market.
A second British business delegation is scheduled to visit Cairo next week headed by David Blatherwick the former British ambassador to Egypt who recently took over as chairman of the Egyptian British Chamber of Commerce in London. Representing 21 assorted Companies, The mission is scheduled to meet Ebeid and a number of other ministers and bank governors to discuss various financial issues. It will also hold individual meetings with prominent Egyptian businessmen. The ICE, which will be held from 28 March to 2 April 2000, is a major event among Egyptologists, providing a forum for recent archaeological theories and studies. The event will be held at the Mena House Oberoi Hotel, located just before the entrance to the Giza plateau.