Egypt received net investment inflows from Arab countries amounting to $2.46 billion during the first half of the current fiscal year, according to recent data from the Central Bank of Egypt.
The data, reviewed by “Al Arabiya,” showed that Arab investments totaled $1.446 billion in the second quarter of the 2023-2024 fiscal year, up from approximately $1.014 billion in the first quarter.
The United Arab Emirates led Arab investments with net inflows of about $951.2 million in the second quarter of 2023-2024. Saudi Arabia’s investments amounted to $154 million, Kuwait’s to $131.7 million, and Qatar’s to $76.4 million during the same period.
The Central Bank of Egypt reported that net foreign investment inflows in Egypt rose to approximately $3.208 billion by the end of the second quarter of 2023, compared to $2.321 billion at the end of the first quarter of the current fiscal year.
Foreign investments achieved a net inflow of $5.847 billion, while outflows totaled $2.639 billion in the second quarter of 2023-2024.
A banking official predicted a significant rise in Arab investments in Egypt during the second half of the current fiscal year. This increase is attributed to the Central Bank of Egypt’s adoption of a more flexible exchange rate policy in March, aligning the local currency closer to its true market value.
Additionally, the Ras Al-Hikma deal has played a significant role in boosting Arab investment in Egypt, encouraging many foreign investors to seek similar opportunities, especially in the tourism sector.
Egypt attracted $10 billion in net foreign direct investment during the 2022-2023 fiscal year, up from $8.9 billion in the 2021-2022 fiscal year.
The Egyptian government aims to attract $30 billion in foreign direct investments in the 2024-2025 fiscal year, which begins on July 1, according to the general report of the Parliament’s Budget and Planning Committee.
