IDSC: Egypt first investment destination for Arab sovereign funds in 2022
Wednesday، 28 September 2022 - 02:33 AM
The Cabinet's Information and Decision Support Center (IDSC) said that Egypt is the first investment destination for Arab sovereign funds in 2022, foremost among which are the Saudi and Emirati investments.
The announcement came in an infographic report published by the IDSC, which shows Egypt's success to become a key regional investment destination in the recent period.
The center revealed that the inflow of foreign direct investments (FDIs) into Egypt, through investment funds, reached USD 3.3 billion in 2022.
Those foreign investments were distributed in different sectors, such as green hydrogen, green ammonia, tourism, industry, financial services and digital transformation, the center added.
It noted the volume of FDIs in Egypt from July 2021 to March 2022 hit USD 7.3 billion, marking an increase of 53.5%, compared to a year earlier.
The center stated Egypt is one of the most important markets for investing in renewable energy, noting that investments in this sector stood at USD 4.4 billion.
The center also pointed out that Egypt is moving ahead with its endeavors to turn into a regional hub for green energy, in cooperation with major international companies.
In this regard, the center explained that Egypt signed 15 memorandums of understanding with global companies to produce green hydrogen and green ammonia, citing a memorandum of understanding with India's ReNew Power with total investments of USD 8 billion and another with Norway's Scatec with total investments of USD 5 billion.