CAIRO – 23 June 2024: Egypt experienced a 13.6% annual decline in foreign direct investment in 2023. The recorded figure was $9.841 billion, down from $11.4 billion in 2022, according to data from the United Nations Conference on Trade and Development (UNCTAD). This growth is anticipated to be fueled by the Ras El Hekma deal and Egypt's Initial Public Offering (IPO) program. The agreement involved the Abu Dhabi Developmental Holding Company (ADQ) acquiring the development rights for the Ras El Hekma project. This deal, valued at $35 billion, stands as Egypt's largest foreign investment and aims to develop Ras El Hekma, located in the North Coast.

Source: Egypt Today June 23, 2024 14:01 UTC