**Fatshimetrie: Arab investments in Egypt reach $18.55 billion**
Fatshimetrie shared a news of major importance for the Egyptian economy. Indeed, the Central Bank of Egypt (CBE) revealed that Egypt attracted a net flow of Arab investments totaling $18.55 billion in the first nine months of the past fiscal year. This information deserves our full attention.
The data published by the CBE indicates a dramatic increase in Arab investments entering Egypt in the third quarter of the 2023/2024 fiscal year, amounting to a substantial amount of $16.09 billion. A figure that contrasts sharply with the $2.46 billion received in the first six months of the same year.
The undisputed leader of these Arab investments is none other than the United Arab Emirates, which alone contributed a net flow of approximately $15.54 billion in the third quarter.
This investment boom can be partly attributed to the historic investment partnership agreement signed between Egypt and the UAE last February. The agreement covers the development of the city of Ras al-Hikma, located west of Alexandria, and represents one of the largest agreements aimed at strengthening Egypt’s dollar liquidity and mitigating its economic challenges.
Egyptian Prime Minister Mostafa Madbouly called the project the largest foreign direct investment agreement in the country’s history. He also revealed that the UAE will inject a total of $150 billion over the life of the project.
Madbouly also announced that the UAE will provide $35 billion in foreign direct investment within two months, with Egypt set to receive 35 percent of the overall benefits of the project.
This surge in Arab investment in Egypt marks a significant turning point in the region’s economic landscape, boosting the confidence of foreign investors and opening up new prospects for growth and prosperity for Egypt.