Egypt ranks world’s top destination for mega projects in 2022 – fDi’s report

Egypt NewsFeaturedNews
By Nada Ali
Egypt
The ancient city of Aswan may be a prime winter destination for its warm temperatures – an average of 25 Celsius during the day – it offers much more than good weather. Photo Credit: Journey To Egypt

Egypt ranked the world’s top destination for mega projects in terms of capital investment, as it attracted about $96.8bn in such projects in 2022, which is three times of its previous record ($34.9bn in 2016), fDi Intelligence said on Wednesday.

The report added that the number of foreign direct investment (FDI) projects into Egypt increased by more than 150 percent to reach 148 projects in 2022, representing an estimated capital investment of $107 billion.

However, the country was ranked the largest destination for mega projects by amount of capital investment thanks to a handful of large-scale projects in green hydrogen.

The capital investment in renewables saw a 158 percent increase over the past year, the sector was able to attract $210 billion more than the previous year, according to the report.

The North African country was able to secure 19 such investments from companies establishing green hydrogen developments, accounting for 97 percent of the country’s total inbound capital investment in 2022.

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