ICEC

UAE, the gulf’s biggest investor in Egypt in Q1-FY2016/17: CBE

UAE takes the lead on investments in Egypt among Gulf countries, with investments totalling $328.6 million throughout the first quarter of financial year 2016/2017, a recent report by Egypt’s central bank showed.

Gulf investments in Egypt recorded around $707.3 million in the first quarter of financial year 2016/2017, up from $425.2 million in the fourth quarter of financial year 2015/2016, the central bank report found.

Qatar comes in second place as it boosted its investments in Egypt to reach $123.5 million by the end of the first quarter of financial year 2016/2017, compared to $30.6 million by the end of the fourth quarter of financial year 2015/2016.

Coming third, Saudi Arabia’s investments in Egypt reached $74.7 million, down from $82 million in the fourth quarter of financial year 2015/2016. Kuwait comes fourth as investments surged to $74.2 million, from $27.5 million, the report added.

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