Egypt Rises to 9th Globally in FDI Inflows amid Record $47 Billion Surge
Taarek Refaat
Egypt has made a dramatic leap in the global investment landscape, ranking 9th worldwide in foreign direct investment (FDI) inflows for 2024, according to the World Investment Report released by the United Nations Conference on Trade and Development (UNCTAD).
FDI into Egypt surged to $47 billion last year, up from just $10 billion in 2023—catapulting the country from 32nd place to the top 10 globally. The report credits this extraordinary 373% increase primarily to mega-deals and landmark projects, particularly the Ras El Hekma coastal development initiative.
The United States retained its position as the world's leading destination for FDI, followed by Singapore, Hong Kong, China, Luxembourg, Canada, Brazil, and Australia. Egypt was the only African and Arab country to appear in the global top 10.
A joint statement by Egypt's Ministries of Investment, Planning, and International Cooperation—released in collaboration with UNCTAD—highlighted the broader regional momentum, noting that FDI to Africa rose by 75% in 2024, reaching $97 billion, up from $55 billion in 2023.
Egypt led the continent in FDI growth, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda.
Despite Egypt's exceptional performance, the UNCTAD report paints a more cautious global picture: total FDI flows worldwide fell by 11%, from $1.67 trillion in 2023 to $1.5 trillion in 2024. This decline was driven largely by a 22% drop in FDI to advanced economies, amid rising geopolitical tensions and tighter monetary policies.
Developing countries managed to maintain stable inflows overall, while the least developed countries (LDCs) saw a 9% increase, signaling selective resilience.
Interestingly, the number of new investment projects worldwide increased slightly by 3%, reaching 19,356, suggesting that while capital volumes are down, investor appetite for greenfield projects remains intact.
Economists say Egypt's performance reflects a broader strategic shift toward large-scale, state-backed development projects aimed at transforming the country into a regional investment hub. Whether this momentum can be sustained will depend on regulatory clarity, infrastructure readiness, and macroeconomic stability.
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