FILE - Investment and International Cooperation Ministry FILE - Investment and International Cooperation Ministry

Cairo tops African cities attracting investment - UN report

Sat, Jul. 21, 2018
CAIRO - 21 July 2018: Cairo has been ranked first among the most cities attracting investment in Africa as it came in the 64th position at the international level exceeding South African city of Johannesburg and Moroccan Tangier, according to a UN report issued on Saturday.

The report, entitled "The condition of African cities 2018 ... Geography of African investments", said that Cairo managed to top the African cities pertaining to luring investments despite the security, economic and political challenges witnessed by the city.

Cairo and Johannesburg are the most important regions attracting investments in the African continent as they are considered main gate of investment expansion in Africa, said the report, which is based on the estimation of the UN for foreign investment movement during 2013-2016.

The Egyptian various work force found in Cairo besides the ability of the firms to use modern technology and the presence of the administrative efficiency compared to other African cities made the Egyptian capital to be ranked first pertaining to attracting investments, the report added.

Cairo attracted investments worth $13.7 billion during 2013- 2016 compared to $13.2 billion for South Africa, the report affirmed.

At the local level, Alexandria ranked second, followed by Sharm El Sheikh and Port Said, with investments of $2.2 billion, $1 billion and $700 million respectively.
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