Egypt’s Ain Sokhna city emerged as the largest recipient of foreign investments for projects in the Arab world in 2022, accounting for nearly 20 percent of the total Foreign Direct Investment (FDI) in the region, according to official data.
The city in the North-eastern Suez Governorate received a total $40.7 billion in FDI last year, nearly a fifth of the total FDI of around $200 billion in the Arab countries, showed the figures by the Inter-Arab Investment Guarantee Corporation (IAIGC).
In a report on largest FDIP recipients among Arab cities released last week, the Kuwaiti-based IAIGC said the Qatari industrial city of Ras Laffan came second with a project value of nearly $28.7 billion.
Abu Dhabi and Dubai came third and fourth, with FDI totalling nearly $4.356 billion and $4.351 billion respectively, the report showed.
Dubai topped the list of cities by the number of projects received last year, with a total 776, according to the report.
It was followed by Riyadh, with 99 projects and Abu Dhabi with 98 projects, the report said, adding that the number of projects in the Arab region in 2022 totalled 1,617.
It showed that the largest project announced in 2022 was the green hydrogen plant which will be built by India’s ACME group in Ain Sokhna at a cost of $13 billion.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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