Egypt’s net FDI hits $23.7b in 9m – CBE
Egypt reported a record-breaking foreign direct investment (FDI), reaching around $23.7 billion in the period between July 2023 and March 2024, a central bank data showed on Wednesday.
This significant increase is primarily attributed to the influx of $18.2 billion in FDI during the first quarter of 2024.
Net FDI inflows recorded $31.5 billion, including around $21.0 billion during the first quarter of 2024. The Ras El Hekma development project received a significant boost from the UAE, with $15 billion in funding, contributing significantly to the overall increase in FDI.
Geographical Distribution of FDI in Egypt
Arab countries were the primary source of the FDI inflows, contributing $18.6 billion during the July 2023 and March 2024, compared to only $3.8 billion in the July 2022 and March 2023. The United Arab Emirates was the largest investor, with $17.2 billion in net FDI flows, including $15.6 billion in the first quarter of 2024.
Net FDI inflows from Morocco increased by 87.5 per cent to $127.0 million. However, net inflows from Saudi Arabia fell by approximately $1.7 billion, reaching $364.2 million. Similarly, net inflows from Bahrain and Qatar fell by $33.2 million to $184.1 million and $31.9 million to $305.6 million, respectively.
(US$ mn)
| July /March | FY 2022/2023 | FY 2023/2024 | Change in Net Flows | ||||
| Inflows | Outflows | Net Flows | Inflows | Outflows | Net Flows | ||
| Total Flows | 18016.9 | 10071.5 | 7945.4 | 31545.4 | 7833.1 | 23712.3 | 15766.9 |
| Arab countries | 6159.0 | 2374.7 | 3784.3 | 20089.4 | 1533.0 | 18556.4 | 14772.1 |
| EU | 5203.3 | 3862.0 | 1341.3 | 3933.1 | 3178.0 | 755.1 | (586.2) |
| UK | 1590.8 | 1330.3 | 260.5 | 2317.5 | 1088.3 | 1229.2 | 968.7 |
| USA | 1735.3 | 1185.3 | 550.0 | 1940.3 | 1099.8 | 840.5 | 290.5 |
| Other countries | 3328.5 | 1319.2 | 2009.3 | 3265.1 | 934.0 | 2331.1 | 321.8 |
Attribution: The Central Bank of Egypt
Subediting: M. S. Salama
