ICEC

CBE: UAE Investments in Egypt Record Strongest Growth In Q2

Investments owned by United Arab Emirates (UAE) in Egypt have topped foreign and Arab investments in the North African country during the second quarter of 2013 in terms of growth. The UAE investments in Egypt have reported a record growth reaching 227% to reach $226.7 million, compared with $69.3 million in the second quarter, showed a report issued by the Central Bank of Egypt (CBE).

The total value of foreign investment inflows rose 51.5% during the second quarter to reach $1.6 billion, compared with $553.9 million in the first quarter. However, it fell by $1.187 billion compared with the same period a year earlier, the report added.

Saudi Arabia came in the second position with $62.2 million worth of investments. It was followed by Bahrain ($41.9 million), then Kuwait whose investments slightly rose to $13.7 million from $13.3 million.

According to the report, Qatari investments saw a remarkable decline during the fourth quarter of FY12/13, as they fell 97% to $8.8 million, from $295.5 million.

Investments coming from the EU continued to lead the list of Egypt’s foreign investments during the fourth quarter, as they rose 59% to $1.517 billion from $954.9 million in the third quarter.

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