Data from the Central Bank of Egypt showed that investments from Arab countries coming to Egypt It jumped by about $16.09 billion during the third quarter of the fiscal year 2023/2024, compared to incoming investments from Arab countries worth $2.46 billion during the first half of the same year.
And topped off United Arab Emirates Investments in Arab countries, with net flows amounting to about $15.54 billion during the third quarter of the year 2023/2024.
Last February, Egypt signed a huge investment partnership agreement with the Emirates to develop a city The head of wisdom West of Alexandria, in one of the largest deals that contribute to enhancing dollar liquidity in the country and alleviating its economic crisis.
Egyptian Prime Minister Mostafa Madbouly said at the time that the project was the largest direct investment deal in the country’s history, noting that it would generate $150 billion in investments for Egypt, which the UAE side would pump over the life of the project.
Madbouly revealed that the deal includes the UAE pumping direct foreign investments worth $35 billion within two months, with Egypt receiving 35 percent of the project’s profits over its life.
He stated that the project will be in partnership between the Egyptian Urban Communities Authority and a company Abu Dhabi Developmental Holding Company (ADQ), explaining that the amount that will be paid in advance includes $11 billion in Emirati deposits in the Central Bank, which will be waived and transferred to the Egyptian pound to be invested in the project, which means dropping them from the foreign debt clause on the project. Egypt.
