Egypt's foreign direct investment to surpass $40B by 2024

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Sun, 23 Jun 2024 - 04:04 GMT

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Sun, 23 Jun 2024 - 04:04 GMT

CAIRO – 23 June 2024: Egypt's foreign direct investment is projected to surpass $40 billion by the end of 2024, according to by CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, who spoke to Alarabiya.
 
This estimate represents a significant increase from the initial target of $12 billion set for the current fiscal year. 
 
The signing of the Ras El Hekma deal with the Emirati Holding Company (ADQ) in February, amounting to $35 billion, has played a major role in surpassing the initial expectations.
 
GAFI is actively focusing on attracting investments in six key sectors: industry, green energy, technology and communications, agriculture, logistics, and healthcare. 
 
Heiba emphasized the government's commitment to increasing the issuance of golden licenses to investors in the near future. 
 
The golden license has proven beneficial, as it helped expedite the implementation plan for the Haier complex project, saving four months. Additionally, it has contributed to the attraction of three new Chinese companies to Egypt and encouraged Haier to explore further expansions in the country.
 
In June, Heiba also revealed that Egypt successfully attracted foreign direct investments amounting to $10.04 billion during the fiscal year 2023/2024, marking a growth rate of 12.3 percent compared to the previous fiscal year 2022/2023.
 

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