Global Arab Network | Egypt Attracts $ 6.8 Billion in Foreign Direct Investments

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Egypt Attracts $ 6.8 Billion in Foreign Direct Investments

Tuesday, 14 September 2010 00:47

Egyptian Investment Minister Mahmoud Mohieldin has announced that Egypt's economy has attracted in 2009/2010 $6.8 billion in Foreign Direct Investments (FDI) according to initial reports on the balance of payment issued by the Central Bank of Egypt (CBE).

The FDI has ratchet up by 85% hitting $3.9 billion during FY 2004/2005 when Mohieldin assumed his post as the Minister of Investments. In 2005/2006 the FDI hit $6.1 billion and $11.1 billion in 2006/2007, while in 2007/2008 it made a record of $13.2 billion.

However, in 2007/2008 the FDI dropped to $8.1 billion and to $6.8 billion in 2008/2009 due to the global financial crisis.

Accordingly, the FDI to Egypt increased in the period between 2004 and 2009 by more than 49 billion dollars.

Minister Mohieldin said the number of private firms in Egypt reached 70,000 with a total capital estimated at LE655 billion, adding that the Egyptian shares in these companies hit 72 percent while the foreign shares reached 15 percent and Arab shares amounted to 13 percent.

He pointed out that Egypt has promising chances to lure more Arab, foreign as well as local investments within the framework of the improved investment climate and the facilitated procedures adopted in the country, adding that 40% of the FDI have been used to set up new companies and increase the capital of existing companies in 2009/2010.

The acquisition of non-residents in both public and private sectors has hit $173 million forming 2.6% of the net FDI comparing to 4% in the previous year, the minister said.

The FDI in the real estate sector hits 305 million making 4.5% of the net FDI comparing to 1% in the previous year. In the meantime, the oil sector has lured around $3.59 billion in 2009/2010 making 53% of the net FDI comparing to 67% in the previous year.
(SIS)

Global Arab Network

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Last Updated on Tuesday, 14 September 2010 01:00

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