UAE more than doubles investment in Egypt
Egypt is seeking to sell state companies, which has attracted Gulf investors.
The United Arab Emirates has increased its investment in Egypt in recent months.
Egypt’s Central Agency for Public Mobilization and Statistics said this week that UAE investments in Egypt increased 169% to $1.9 billion during the first half of the 2021-2022 fiscal year, the state-owned news outlet Al-Ahram reported.
Egypt’s fiscal year runs from July through June.
Why it matters: Egypt decided earlier this year to sell several state-owned industries to help its struggling economy, and this has attracted Gulf investors, including from the UAE. In April, the Egyptian stock exchange said that the Emirati sovereign wealth fund ADQ had invested $1.8 billion to acquire some Egyptian state firms.
