Complex Made Simple

Foreign investment flows to Egypt to nearly hit $3 billion

During first 9 months of 2014-15, Gulf countries provided $35bn in grants, aids and deposits to reduce Egyptian budget deficits

The net foreign direct investment (FDI) flows to Egypt amounted to $2.7 billion during the period between December 2014 and July 2015, reveals UAE-based Aliqtisadi.

Ala Omar, chief executive of the General Authority for Investment and Free Zones (GAFI) says, “The net inflows of investments through the establishment of new companies achieved an increase of $1.4bn.”

He adds: “This is compared to $1.1bn during the period between December 2014 and July 2015 of the fiscal year 2014-2015.”

“The net inflows of the oil sector amounted to about $1.3bn during the first half of the FY 2014-2015, compared to $1bn during the same period last fiscal year,” adds Omar.

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 the state during 2015.

($1 = AED3.67, at the time of publishing)