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Investments by the public and private sector in Egypt grew by around 5.8 percent during the 2023-2024 fiscal year, allowing it to boost GDP growth, the Arab country’s Planning, Economic Development and International Cooperation Minister has said.
Rania Al-Mashat told Parliament’s economic committee on Tuesday that the economy of the most populous Arab nation recorded relatively high growth despite “economic challenges” in the past years.
Al-Mashat said several sectors recorded positive growth in the first quarter of the current fiscal year, which ends on 30 June.
“Growth in the first quarter of this fiscal year was supported by non-oil industries, tourism, transport and storage….during the year, the economy is expected to grow by around four percent,” the Minister said.
Al-Mashat indicated that the economy was also buoyed by a 5.8 percent increase in public and private investments during the previous fiscal year.
Her figures showed that total investments during 2023-2024 stood at around 1,626 billion Egyptian pounds ($33.2 billion) and that public investment swelled by around 6.3 percent to nearly EGP926 billion ($18.9 billion).
Egyptian officials said last year the economy would also be given a strong push by a mega investment deal finalised with the UAE last year to bring in at least 8 million tourists and help tackle the country’s persistent hard currency deficit.
Tourism and Aviation Committee Undersecretary Ahmed El-Tayebi said the partnership agreement to develop Ras al-Hekma peninsula west of Alexandria is the largest foreign investment deal in Egypt’s history.
Tayebi, a member of parliament, said ADQ, the Abu Dhabi-based investment and holding company, would lead a consortium investing $35 billion in the project.
He said the deal would largely support a long-term government plan to boost tourism revenues from around $14 billion annually to $40 billion in 2052.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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