Egypt ranked first in the list of the most attractive destinations for foreign direct investment (FDI) among African countries, reports UAE-based Aliqtisadi.
In 2014, the country attracted 71 projects valued at $57.9 billion and provided jobs for nearly 51,634 people, an increase by 61.4 per cent when compared with 2013.
Egypt succeeded in attracting more than 30 per cent of Africa’s investments in the real estate and hospitality sectors during 2014. The UAE companies alone launched 30.5 per cent of those projects.
It is noteworthy that net foreign direct investment flow to Egypt amounted to approximately $2.7bn, during the period between December 2014 and July 2015.
It is noteworthy that foreign direct investments in Egypt reached $5.7bn during the first nine months of the FY 2014-2015, where Gulf countries provided grants, aids and deposits valued at $35bn to Egypt to reduce the budget deficit of the state during 2015.
($1=AED3.67, at the time of publishing)