Arab Country Makes a Remarkable Investment Jump of 300% in Egypt

Data from the Egyptian Central Agency for Public Mobilization and Statistics revealed a significant jump in Emirati investment in Egypt over the recent period.

The value of Emirates investment in Egypt was about $5.7 billion in fiscal year 2021/2022, up from $1.4 billion in 2020/2021, an increase of 300.8%.

The volume of remittances of Egyptians working in the UAE amounted to USD 3.5 billion in the 2020/2021 financial year compared to USD 3.4 billion in the 2019/2020 financial year, an increase of 1.4%, while the volume remittances from Emirati working in Egypt amounted to $39.1 million in FY 2020/2021 compared to $41 million in FY 2019/20, down 4.6%.

Hossam Haiba, Director General of the General Directorate of Investment and Free Zones, said Egypt aims to reach $10 billion in FDI during the current fiscal year after reaching about $9 billion last year, noting that $4 billion has been achieved within first quarter of the fiscal year and we aim to reach $4 billion in the second quarter of the fiscal year.

Haiba added that Egypt has promising investment opportunities in many sectors, especially in the Suez Canal Economic Zone, which has so far not generated enough interest from investors, requiring serious investment consideration, especially given its importance to the entire region.

Source: Day Seven