Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
New data from the Central Bank of Egypt has revealed that the UAE was the largest investor amongst Arab countries in the last nine months.
The data revealed that Arab investments in Egypt surged by approximately $16.09 billion during the third quarter of the fiscal year 2024/2023.
Egypt received net investment inflows from Arab countries amounting to $18.55 billion during the first nine months of the last fiscal year, with the UAE topping the list with net investment of around $15.54 billion in the third quarter of 2023/2024.
An official from the bank attributed the jump in Arab investments during the third quarter, especially those from the UAE, to Egypt signing the Al Hakma deal in February, which involved investments totalling $35 billion.
Egypt received $15 billion in two installments in March and February, part of which was in the form of deposits.
The official expected the surge in Emirati investment inflows to continue in the last quarter of the fiscal year.
Back in May, Yahya Al Wathiq Billah, Head of the Egyptian Commercial Service, said over 1,600 UAE companies were working in Egypt.
“Regular high-level meetings between the UAE and Egyptian officials have bolstered bilateral cooperation across sectors,” he said.
