The Central Bank of Egypt (CBE) revealed that Egypt had attracted a net inflow of Arab investments totaling $18.55 billion over the initial nine months of the last fiscal year.
It released data indicating a dramatic increase in Arab investments flowing into Egypt during the third quarter of the 2023/2024 fiscal year, reaching a substantial $16.09 billion, the RT Arabic website reported.
This figure stands in stark contrast to the $2.46 billion received in the first half of the same year.
The United Arab Emirates emerged as the leading source of Arab investments, contributing a net inflow of approximately $15.54 billion during the third quarter.
This surge in investment can be attributed in part to the landmark investment partnership agreement signed between Egypt and the UAE in February.
The agreement centers around the development of the Ras al-Hikma city, located west of Alexandria, and represents one of the largest deals aimed at bolstering Egypt’s dollar liquidity and mitigating its economic challenges.
Egypt’s Prime Minister Mostafa Madbouly hailed the project as the largest foreign direct investment deal in the nation’s history.
He projected that the UAE will inject a total of $150 billion over the project’s lifespan.
Madbouly also revealed that the UAE will provide an immediate $35 billion in foreign direct investment within a two-month period, with Egypt set to reap 35 percent of the project’s overall profits.
