"Led by UAE Projects" .. Arab Investments in Egypt Reach USD 40 Billion
Arab Investments in Egypt Reach USD 40 Billion Led by UAE Projects
Foreign direct investments in Egypt from Arab nations reached USD 39.5 billion by the end of the fiscal year 2023-24, with the UAE leading in investments, according to data from the Central Bank of Egypt. The bulk of these investments, approximately USD 37.5 billion, was directed towards Egypt's construction sector.
The contribution stems largely from Abu Dhabi's sovereign wealth fund ADQ, which announced a USD 35 billion investment plan in February 2024. This includes a USD 24 billion project in Ras El Hekma, aimed at transforming the Mediterranean region into a prime holiday destination with a free economic zone. Additionally, USD 11 billion of UAE deposits will be converted into investments for key projects across the country.
Meanwhile, Saudi Arabia and Qatar have also increased their financial stakes in Egypt, with Saudi investments rising to USD 585.5 million and Qatari inflows reaching USD 447 million during the same fiscal period.
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