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23 April 2024

$5.9bn UAE investments in Egypt over four years

By Wam

The UAE is the second largest Arab investor in Egypt with $5.9 billion in investments over the past four years, according to a top Egyptian official.

Speaking to reporters on the sidelines of the First Arab Corporate Citizenship Forum held today in Abu Dhabi, Chief Executive of the Egyptian General Authority for Investment and Free Zones, Mohsen Adel, said the year 2018 saw the establishemnt of a total of 114 new Emirati companies in Egypt across multiple investment sectors, primarily, Oil & Gas, finance, CIT, construction, real estate, services, manufacture, tourism and agriculture.

He added that total UAE investment inflows to Egypt last year hit $1.75 bn, a growth of 25 percent over 2017.