Economy Arab investments in Egypt’s economy reach nearly $40bn By Pramod Kumar January 14, 2025, 10:31 AM Reuters/Egyptian President Office The presidents of the UAE and Egypt, Sheikh Mohamed bin Zayed Al Nahyan and Abdel Fattah El Sisi, look at models for Ras El Hekma Foreign direct investments from Arab countries in Egypt totalled $39.5 billion in the final quarter of the fiscal year 2023-24, led by the UAE. The UAE’s investments in the construction sector stood at $37.5 billion, accounting for 95 percent of the total, Al Arabiya Business reported citing data from Egypt’s central bank. Last February Abu Dhabi sovereign wealth fund ADQ unveiled plans to invest $35 billion to build the “largest new city” in Egypt and drive economic growth. The fund acquired the development rights for Ras El Hekma for $24 billion and plans to develop the region as a Mediterranean holiday destination, including a free zone. ADQ will also convert $11 billion of deposits that will be used for investment in prime projects across Egypt. Egypt’s inflation reached two-year low in December Egypt targets new $3bn funding despite IMF loan Acwa Power signs up for 1GW Egyptian wind farm Last September, prime minister Mostafa Madbouly said Egypt was planning new developments along the Red Sea coast, with at least five areas identified for projects similar to Ras El Hekma. Saudi Arabia’s investments in Egypt rose to $585.5 million, while Qatari inflows increased to $447 million last fiscal year. Egypt is awaiting new investments from some Arab countries and is set to increase the pace of investment opportunities, Al Arabiya Business reported.