This emerged as Egypt's largest foreign investment deal, amounting to $35 billion, to develop Ras El Hekma in the North Coast.
Egypt’s foreign direct investment declined by 13.6% on an annual basis in 2023, to record $9.841 billion in 2023, compared to $11.4 billion in 2022, according to data from the United Nations Conference on Trade and Development (UNCTAD).
According to UNCTAD, these investments are expected to witness an increase during 2024 supported by the Ras El Hekma deal and Egypt's Initial Public Offering (IPO) program.
Earlier in February, Egypt and the UAE signed a real estate investment deal under which Abu Dhabi Developmental Holding Company (ADQ) acquired the rights to develop the Ras El Hekma project.
This emerged as Egypt's largest foreign investment deal, amounting to $35 billion, to develop Ras El Hekma in the North Coast.
In February, Egypt received $5 billion from the first installment of the deal.
In May, the Cabinet announced that Egypt officially received the 2nd tranche of the Ras El Hekma deal from the UAE.
Earlier in February, Minister of Finance, Mohamed Maait stated that Egypt is looking to attract $6.5 billion from its IPO program in 2024.
The government launched the IPO program back in March of last year, offering state-owned stakes in up to 40 companies and banks across 18 sectors. The program was originally set to close by March 2024 and was extended to December.
