FDI to Egypt falls 12% YoY in 2021: UNCTAD

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Foreign Direct Investments (FDI) to Egypt has dropped 12% year-on-year (YoY) to $5.122 billion in 2021, the United Nations Conference on Trade and Development (UNCTAD) announced in its World Investment Report 2022 published on June 9th.

The report ascribed the decline to shrinkage in extractive industries’ exploration and production investments.

However, Egypt ranked second in Africa in terms of FDI. The continent saw a surge in FDI which jumped to $83 billion in 2021, from $39 billion in 2020, the report showed.

The outlook for Egypt is still positive, with the GCC economies pledging around $22 billion in investments in various sectors, the report highlighted.

The report also added that greenfield projects in Egypt more than tripled to $5.6 billion in 2022.

On May 29th, ADQ Holding, one of the region's largest holding companies with local and international investments, announced that it will allocate $10 billion in investment fund for projects in Egypt and Jordan.

Secretary-General of the UAE International Investors Council (UAEIIC) Jamal Saif Al Jarwan stated on May 28th that the UAE is looking forward to boosting its investments in Egypt to $35 billion over the coming five years.